Kris Wigfield and Joanne Hammond of Begbies Traynor were appointed as administrators of Leeds-based Signlex on February 20.
The failure of the business was primarily due to cash flow problems caused by delays to the start of contracts and two key contracts failing to materialise.
The company, which traded from leased premises at Maybrook Industrial Park on Armley Road, provided innovative, high quality signs to all sectors, with clients including Rexel UK and Dignity Funerals.
Prior to the appointment of the joint administrators, Eddisons Commercial Limited was instructed by the director to value and market the business in order to preserve the company’s value and secure the jobs of the employees.
Despite considerable interest and a number of enquiries, it was not possible to secure a sale of the business as a going concern. Upon appointment, the remaining 16 staff, including the director, were made redundant.
Signlex’s assets are being sold at auction by Eddisons. Viewing will take at the company’s premises at Unit 12, Maybrook Industrial Park on Wednesday 13 March 2019 between 10am and 3pm.
Bidding ends from 10am Friday 15 March 2019.