The Coventry-based £200m turnover group, whose UK manufacturing division includes a long list of companies, has appoined Grant Thornton’s Mark Byers, Malcolm Shierson and Daniel Smith as administrators.
The group had reported a series of profit warnings this year. In May it said its net debts totalled £55m and efforts were made to raise extra cash.
“The Board has been unable in the short time available to reach agreement with its lenders on the provision of new monies,” said a MICE Group statement.
The board said it had no option but to place the company and its subsidiaries, which include Artisan Ltd, Essanby Ltd and Marler Harley Ltd, into administration.
Grant Thornton said the group’s UK manufacturing business comprised 14 companies which dealt largely with joinery and metal work used in the manufacture of shop fittings, exhibitions and educational establishments.
Some 800 employees are employed in Britain, with more than 200 at Coventry, 160 in Cambridge and 100 in Nottingham.
“We will be analysing the position of the UK manufacturing businesses over the next few days to establish which are saleable assets,” said Grant Thornton’s Mark Byers.
“The businesses have generally suffered from eroding margins and cash flow difficulties but have a blue chip customer base.”
He said it was too early to speculate on the level of return to creditors. MICE’s net debt currently stands at £60m.
The companies which make up MICE’s international and North American divisions are unaffected.
