Thu, 10 Jan 2013 | ADMINISTRATION
Linecross, a Rutland-based manufacturer of engineered thermoformed and polyurethane components, has purchased a rival out of administration.
Over 100 jobs at BI Composites in Staffordshire have been saved in the deal, which was for an undisclosed amount.
Administrators Brain Hamblin, Craig Povey and Kevin Murphy of accountancy firm Chantrey Vellacott DFK managed the sale process for the firm, which had been in their hands since November.
Set up 40 years ago Linecross expects that its £15 million turnover will increase to £23 million after its acquisition of BI Composites, which makes and distributes moulded components made of composite materials from its bases in Harlesowen and Cannock.
Linecross itself operates from a five-acre site in South Luffenham, and has a workforce of 180 people. It has enjoyed steady growth since a management buyout in 2003, and its purchase of BI Composites, to be renamed Linecross Composites, fits in with its future plans.
Linecross managing director Stuart Fry commented on the deal: “We are delighted to have completed the deal to buy BI Composites and with it safeguard the future of a significant number of jobs.
“We have kept a strong balance sheet and the deal fits in well with our long-term expansion strategy.”
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