Dozens of jobs at risk as 124-year-old agricultural manufacturer enters administration

One of Lincolnshire’s longest-established agricultural companies has gone into administration putting dozens of jobs at risk.

Chafer Machinery, which specialises in crop spraying equipment, released a statement saying it is “seeking professional financial advice” over its future, with administrators putting a £1.4million price tag on its assets.

However, the most recent company accounts filed in April this year, showed that Chafer — which also trades under the Horstine brand — owed almost £2.5million to creditors.

Its factory in Upton, near Gainsborough, will remain closed until a buyer is found, leaving an uncertain future for the 124-year-old business and its 43 employees.

BPI Asset Advisory, which is handling the sale, has set a deadline of 2pm on Friday, October 22 for parties to show an interest in a takeover.

Luke Hartshorn, a director at BPI, said: “Together, these assets present a significant opportunity for potential purchasers to acquire well-established British engineering brands with strong reputations in the sector.”

Ryan Holdsworth, director of administrators Leonard Curtis, added: "Whilst the agricultural industry has faced numerous challenges over recent years, to which both brands have not been immune, the Chafer and Horstine businesses have developed a strong presence in the farming community over many decades.

"We expect considerable interest from buyers looking to continue the existing brand legacy of quality and high performance or integrate the product range into existing operations."

As well as crop spraying machinery, Chafer and Horstine also made equipment for granular fertilisers, as well as chemical and seed applicators.