A supplier of precision engineering services to the aerospace and defence industries is on the brink of collapse after its shareholders plans to restructure the business were blocked amid objections from the tax authorities.
Sky News has learnt that prospective buyers of Nasmyth Group, a Coventry-based company bought by Rcapital last year, have been asked to submit offers by the close of business on Wednesday.
The emergency sale process comes days after the High Court rejected a proposed restructuring plan that would have ‘crammed down’ creditors including HM Revenue & Customs (HMRC).
The taxman is owed nearly 3m by Nasmyth, according to court filings, and HMRC is understood to have decided to object after considering its position.
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Read the full article at: https://news.sky.com/story/taxman-blocks-restructuring-of-struggling-aerospace-engineer-nasmyth-12872004