Eighty jobs have been saved with the pre-pack administration sale of a South Yorkshire engineering business.
Joanne Hammond and Claire Dowson of Begbies Traynor in Sheffield were appointed as joint administrators of Newburgh Precision in Rotherham on January 22, with the company immediately acquired by Ledantech Limited.
The £1m pre-pack administration sale was completed with the help of a team of advisers including Sheffield-based 7 Legal & Finance Ltd which advised Ledantech.
Tom Paton, restructuring and insolvency partner at Irwin Mitchell in Sheffield, along with Hal Roberts, advised Begbies Traynor, with Kirsty Ayre, employment partner, and Guy Whitehead in real estate also supporting the deal.
Part of the Newburgh Group, Newburgh Precision was founded in 1939 and manufactures precision machined and fabricated engineering components and assemblies for all industrial sectors. It has an 85,000sq ft production facility in Rotherham.
Ledantech has acquired all of the assets as well as retaining the 80-strong workforce.
Joint administrator Claire Hammond said: “After 75 years in business, it’s fantastic news that this sale has enabled the firm to continue trading, saving all 80 jobs as well as securing its supply chain. We wish it well for the future.”