Fri, 27 Feb 2015 | BUSINESS SALE
The assets of a manufacturing firm in Rotherham have been bought in a deal that saved 135 jobs.
Manufacturing specialist MTL Group went into administration on 2 February 2015 and has now been acquired by Lancashire engineering and fabrication company WEC Group as part of a partnership deal for the business and its assets.
John Sumpton and Hunter Kelly of EY were appointed joint administrators in early February. They kept the manufacturing firm trading while they sought a new buyer. The agreement will ensure that the staff of 135 at MTL Group will retain their jobs.
Commercial director of WEC Group Wayne Wild spoke of the his delight in agreeing the deal with MTRL Group., He explained: “We are delighted to have reached an agreement which will save the jobs of more than 130 workers in South Yorkshire.
“The restructuring deal we have completed will see us work in partnership with MTL Group's previous directors and shareholders to grow and develop the business for the benefit of customers and staff.”
The acquisition will see the forming of the “largest laser cutting operation in the UK's fabrication and engineering sector”, WEC said. The partnership will involve 600 staff working at eight locations across Lancashire, Yorkshire and Merseyside.
______________________________________________________________________
Related information:
What you need to know to turn around a distressed business
This financial advisory firm has an infrastructure in place to carry on operating profitably post-sale.
Hertfordshire based IFA with 75% of the business' assets with two major platforms, ensuring a smooth transition post-sale.
This firm has an average portfolio size per household above £0.5m, meaning you will be servicing high quality, profitable clients.
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.