Fri, 11 Aug 2017 | ADMINISTRATION
A Bradford metalworks company has been placed into administration at the cost of 28 jobs.
Sigma Technologies Limited, based at Kingsmark Freeway, Oakenshaw, entered administration on August 1 and closed completely six days later.
The firm, a subsidiary of Altec Engineering, is a specialist in the design and manufacture of automaton equipment, and in the production of high-precision components for several leading industrial markets.
The reason for Sigma's closure has been put down to excess capacity in the state-of-the-art production facility when faced with a decreased demand for precision engineering components.
Following the appointment of joint administrators, Altec’s engineering business and assets were sold to a management buyout (MBO) team.
Ronco Engineering, another Altec group company, was also sold to the same team in a solvent share transaction, and the combined deal saved more than 120 jobs in the North-East of England.
As a result, the performance of Altec Engineering has stabilised, while the sale of both businesses has allowed a new, smaller group of companies to find further investment and grow. However, Sigma Technologies was not part of this deal and has ceased trading.
Keith Marshall, joint administrator, said: “This was a challenging transaction to deliver within a tight timescale, but the deal will safeguard two regional businesses, and importantly, 120 jobs in the North-East.”
Sigma Technologies Limited in administration
Subscribe to Business Sale Report here.
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Bringing to the market this denim and casual wear retailer, boating a user friendly comprehensive online presence.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.