Heatsense director buys business from administrators

A DIRECTOR of Heatsense Cables in Burnley has bought the business out of administration.

Jeremy Kemsley-Pein was the largest shareholder with 49% of Heatsense’s parent company Concord Holdings, which went into administration earlier in the month.

The insolvency affected Heatsense, which manufactures and supplies pure nickel and high temperature cables to the food and retail sector, and sister company Concordia Technologies, which imports and distributes cabling and accessories.

The deal has saved 10 jobs, but administrators from Deloitte are still looking for a buyer for Concordia which is a larger employer with 38 staff. Mr Kemsley-Pein has conducted the deal through a vehicle called Kemsley Investments.

He said: “We are delighted to have acquired Heatsense, the market leader in high temperature pure nickel and high temperature thermocouple cables, in addition to being able to provide continuous employment for all employees.”
 
Joint administrator Dan Smith said: “We are pleased to secure this transaction which will preserve jobs and ensure that the services provided by Heatsense continue. We remain in discussions with a number of parties regarding the sale of Concordia Technologies, a sister company to Heatsense, and are hopeful that a sale of this business will also be achieved shortly.”