Huge UK factory up for sale after firm plunges into administration with 56 jobs lost | UK | News
A massive £2m warehouse is being sold in County Durham after a security firm went into administration and 56 people lost their jobs. Bridgman IBC Limited, a Hartlepool-based fire and security door manufacturer, went into administration on March 6 after facing “insurmountable cash flow pressures”.
Despite efforts by administrators Begbies Traynor to find a buyer for the business, no agreement was reached and all 56 staff were made redundant on 13 March. Following the collapse, the Hartlepool factory on the Longhill Industrial Estate was put up for sale by Eddisons Commercial with offers of around £2 million.
Bridgman IBC has been manufacturing bespoke doors for clients such as the NHS, Newcastle University, Cineworld and the Hilton hotel group for over 60 years.
According to Bridgman IBC’s latest accounts, covering the year to March 2025, the company had suffered a loss of £607,010 and the company’s liabilities exceeded its assets by £459,574.
Manager Ian Royle said there was a problem financing the raw materials needed for the doors. He said at the time: “Despite directors’ strong efforts to increase sales over the last 18 months, which has resulted in a full order book, the business faces insurmountable cash flow pressures. As a result, it has been unable to finance the raw materials needed to continue production.”
The 88,511 square meter factory offered for sale is set on a one-hectare site, including workshop space, offices, loading bays, parking and crane lifting equipment. The remaining assets of the company, including the pre-hung door sets, were sold by Eddisons via an online auction in May.
Bridgman IBC was previously rescued through a management buyout in 2004, with its parent company taking receivership. Four managers stepped in to save the jobs of 65 people.
Recently many businesses have been placed into administration; This occurs when a business can no longer pay its debts or its liabilities outweigh its assets.
