A huge £2million warehouse is being sold after a security firm plunged into administration and 56 lost their jobs in County Durham. Bridgman IBC Limited, a fire and security door manufacturer based in Hartlepool, went into administration on March 6 after facing "insurmountable cashflow pressures".

Despite efforts from administrators Begbies Traynor to find a buyer for the business, no deal could be struck and all 56 members of staff were made redundant on March 13. Following the collapse, the Hartlepool factory on the Longhill Industrial Estate has been listed for sale by Eddisons Commercial for offers in the region of £2 million.

Bridgman IBC had spent more than 60 years manufacturing specialist doors for clients including the NHS, Newcastle University, Cineworld and the Hilton hotel group.

According to Bridgman IBC's most recent accounts, covering the year to March 2025, the company had incurred a loss of £607,010 and the company's liabilities exceeded its assets by £459,574.

Administrator Ian Royle said the were issues with funding the raw materials needed for the doors. He said at the time: "Despite a strong effort by the directors to increase sales over the past 18 months, which resulted in a full order book, the business faced insurmountable cashflow pressures. Ultimately, it was unable to fund the raw materials required to continue production."

The 88,511sqft factory up for sale is set on a one-hectare site, including workshop space, offices, loading areas, car parking and crane lifting equipment. The company's remaining assets, including pre-hung door sets, were sold through an online auction in May by Eddisons.

Bridgman IBC was previously rescued by a management buyout in 2004, when its parent company went into receivership. Four managers stepped in to save 65 jobs.

Several businesses have plunged into administration recently, which happens when a business can no longer pay its debts, or its liabilities outweigh its assets.