Tue, 13 May 2014 | ADMINISTRATION
Wales-based engineers Cyrus RW has stepped in to purchase Bradford Cylinders out of administration.
Falling orders and sales volumes had impacted Bradford Cylinders, which has been established for over a century, leading to cash flow problems. The administrator Robert Adamson from accountancy firm Mazars announced the acquisition.
It is hoped the deal to buy the stricken business will further Cyrus RW’s goal of reaching revenues of £25 million, from its current £10 million, in the next three years. The company is now working on rebuilding Bradford Cylinder’s employee numbers, after losing several job positions as part of the administration process. Thirteen staff at Bradford have been retained by the new owner.
Founded in 1994 to offer mechanical engineering and design services from its base in Wales, Cyrus has gone on to succeed in turning around businesses it has acquired. It bought Technical Electrics in Cwmbran in 1998, Richardson Westgarth in 2001 and Taylors in 2009. As well as Wales, Cyrus also has a presence in Newcastle, Aberdeen, Glasgow and the Middle East.
Cyrus RW Group managing director Ian Watkins said: ‘We have a strong track record of success turning around acquired businesses and are looking forward to working with the existing management team.
“We were attracted by the Bradford Cylinder name, the work and obvious skills of the workforce and long tradition of it being one of the UK’s number one hydraulic engineering firms.”
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