hlw Keeble Hawson has advised administrators in a deal which has saved jobs at a Yorkshire cylinder firm.
The firm, one of the biggest legal practices in the region with offices in Sheffield, Leeds and Doncaster, advised the Leeds based office of Mazars in the transaction in which Bradford Cylinders has been acquired by Cyrus-RW Group, a Cardiff-based mechanical, polymer and electrical engineering services company.
The deal saves the jobs of the remaining 13 staff at Bradford Cylinders, which has designed and manufactured engineering products for more than a century.
The business went into administration last month following a drop in orders and decline in sales volumes.
Cyrus-RW Group has grown significantly after a number of key acquisitions in the last ten years.
The acquisition of Bradford Cylinders forms a key part of their growth strategy to increase Cyrus-RW Group’s turnover from £10 million to £25 million in the next three years.
Robert Adamson, restructuring partner at Mazars, said:
“We are delighted to complete the sale of Bradford Cylinders to Cyrus-RW Group.
“This is a perfect fit for Cyrus-RW Group and supports their continued growth strategy.
“We wish them all the success as they look to rebuild Bradford Cylinders and announce new jobs in the future which will have a positive impact on the local economy.”
hlw Keeble Hawson associate Jo Smith said:
“It’s great that the rich heritage of Bradford Cylinders and the skills of the workforce will continue following the commitment of Cyrus-RW to grow the company’s order book and invest in plant and equipment.
“We were pleased to work alongside Mazars to drive through the transaction.”
Cyrus-RW was advised by Greenaway Scott Solicitors.