30 jobs saved as engineering firm is sold out of administration

30 jobs saved as engineering firm is sold out of administration
But seven staff made redundant at alternative site

Birkenhead-based engineering firm Senar Precision Engineering Ltd has been sold out of administration to Deeside company Engineering Solutions Group UK Ltd, securing 30 jobs.

While the deal secures the future of the company’s Cleveland Street site, all seven workers at the its nearby facility on Brook Street are to be made redundant.

The deal was struck by Ben Woolrych and David Acland, partners at business advisory firm FRP Advisory.

With a blue chip client base, both UK and global, spanning from the aerospace and automotive industries to the optical, oil and gas and scientific research sectors, Senar Precision has been consistently profitable in its core precision engineering division.

The company had however faced pressure on overall cash-flow due to long-term losses from its smaller plant refurbishment division operating out of Brook Street, resulting in a decision by directors to restructure the business with new investment sought for each division.

Competing offers were received for the core precision engineering division, while no buyers emerged for the Brook Street division which FRP said had put unsustainable pressure on company cash-flow and viability under its current financial structure.

Woolrych said: “We are pleased to have secured new investment to allow for a continuity of trading for Senar Precision’s core precision engineering business under new ownership.

“The arrival of Engineering Solutions Group UK is good news for the Birkenhead economy and gives the best possible sign for the future of skilled British precision engineering.”

Paul Pheasey, director at GJM Engineering, part of Engineering Solutions, said: “We are pleased to welcome Senar’s Precision’s engineering division to the Engineering Solutions Group and as part of a larger group at Engineering Solutions we aim to continue serving the businesses’ array of loyal customers with the high quality, skilled production they have come to expect over the years.”

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