Mon, 08 Jul 2013 | ADMINISTRATION
Precision engineering business P&S Tools has been rescued from administration, with the jobs of 25 staff secured.
The deal was overseen by Mark Bowen of MB Insolvency and Dan Cambridge, a partner in Harrison Clark Rickerbys’ insolvency team.
The Malvern-based business, which has counted Dowty-Meco and Rolls-Royce Aerospace amongst its clients, had closed for a time, and then was sold in May, after many third parties had come forward. It was not revealed who the buyer is.
Founded in 1973, P&S works in the aerospace, petrochemical, automotive and toolmaking sectors from its 10,000 sq. ft. purpose-built premises in Malvern. It offers precision-machined components, and 3D solid and surface modelling service using CAD software, amongst other design and toolmaking services. It was one of the first companies in the area to invest in the new, technologically advanced CNC machines, back in 1978. It now has 11 CNC machines, alongside several other machines.
Mark Bowen noted, “The continuity of a business this well established is great for Worcestershire, with P&S Tools maintaining a rich variety of clients ranging from CMB, Cameron’s and Dowty-Meco to Rolls-Royce Aerospace.”
Dan Cambridge said, “It is brilliant to have saved jobs within the local community, particularly as the workforce is highly skilled and has expanded over the years. The business has also offered an apprenticeship scheme since 1978, which provides a fantastic opportunity for budding engineers.”
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