Cooper Materials Handling has been placed into administration, with Brett Barton and Tony Mitchell of Cranfield Business Recovery appointed as joint administrators.
The company was set up in 2013 following the takeover of Samuk Lift Trucks. In the face of fierce competition, early promise was not realised, says managing director David Cooper.
Cooper is keen to explain that the plight of the ex-Samuk business has no impact on the other businesses he owns outright: Cooper Specialised Handling Ltd and Cooper Handling Solutions Ltd.
He adds that Cooper Handling will now focus its energies on developing its heavy lifting solutions and engineering support capabilities after withdrawing from the volume materials handling marketplace.
"Cooper Specialised Handling and Cooper Handling Solutions are highly successful businesses with a strong track record in the niche heavy handling marketplace," he stresses.
In the last 12 months, Cooper Specialised Handling's turnover has increased from GBP1.5 million (USD1.97 million) to GBP10 million (USD13.14 million) and the business is continuing to build its marketshare, which currently stands at around 60% in some sectors.
Cooper says that "as the Cooper Specialised Handling business goes from strength to strength, increasing demand for quality engineering services is fuelling growth at Cooper Handling Solutions".
"This business specialises in aftersales support with a skilled engineering team that provides service, maintenance and spare parts to users of heavy lifting equipment. Cooper Handling Solutions is currently recruiting three additional field service technicians as part of a 10-year strategic plan to develop a team of 25 highly-skilled 'big truck' specialists."