Mon, 23 Jan 2012 | ADMINISTRATION
A Bradford power equipment supplier has been bought out of administration, saving over 20 jobs.
The business and assets of TM Newburn Group Limited have been acquired by Progress Group, the Telegraph and Argus has reported. According to the newspaper, the acquisition will boost Progress Group’s turnover by £3 million and has saved most of the workforce at TM Newburn Group Ltd. The business will now be renamed as Newburn Power Rental Ltd.
TM Newburn went into administration earlier this month and according to the newspaper the acquisition deal was for an undisclosed six-figure amount.
Mark Henstock, Progress Group managing director, said, “This is a fantastic outcome for all parties. It secures the jobs and future of a great Yorkshire business with a fantastic workforce and loyal customer base which has been trading for more than 20 years and has built a strong reputation, but struggled last year."
He added, "This deal draws a line under the company’s recent difficult times and allows the business to build again from a stable, well funded foundation."
Progress Group was founded in 1956 and has an annual turnover of £22 million, the Telegraph and Argus reported. Mr Henstock added that the acquisition was a great growth opportunity for the Group and would enable it to move into new, specialist sectors such as power supply for the outdoor events leisure industry.
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