The company entered administration earlier this month, and the sale was immediately completed upon appointment.
In the two weeks leading up to administration, it was widely known within the forgings industry and supply chain that the business was experiencing difficulties and that a pre-pack sale was being pursued, with the administrators in waiting holding discussions with numerous interested parties.
The Company’s 26 employees have all transferred to the purchaser and all wage arrears have been paid up to date and customer orders are now being fulfilled.
Keith Marshall, joint administrator from Baker Tilly,said:
“The sale represents a good outcome for the majority of the company’s stakeholders and ensures a traditional manufacturing business in Hull now has better prospects than the alternative of liquidation and immediate closure, which it would definitely have faced if a buyer had not been found.”