Administrators secure 50 jobs in manufacturing deal

Matt Hardy, partner at Poppleton & Appleby

Almost 50 jobs have been saved after Birmingham-based advisors helped to negotiate the sale of a manufacturing business out of administration.

Swift Manufacturing Solutions, based in Newtown, Powys has been sold to design and construction firm F1 Modular – saving a total of 49 jobs.

The deal was concluded by administrators at insolvency practitioner and business recovery firm Poppleton & Appleby.

Swift had been forced to call in administrators after experiencing cash flow difficulties.

The company, based on the Mochdre Industrial Estate, was established in 2011 and manufactured modular buildings for a number of well-known brands.

The company has been acquired by F1 Modular in a pre-pack deal which sees the firm take over Swift’s plant, equipment and other assets together with the workforce. It is also entering into a new lease on firm’s 80,000 sq ft factory.

F1 Modular designs and constructs community buildings such as housing, student accommodation, fire stations, school classrooms, leisure facilities and hotels, as well as retail units and kiosks.

Matt Hardy and Andy Turpin, partners at Poppleton & Appleby, acted as joint administrators.

Mr Hardy said: “We are delighted that 49 jobs have been saved with our help.

“We were called in when the company ran into cash flow difficulties and F1, who were already in the early stages of a joint venture to build modular houses for their own projects, wanted to buy and preserve the production facility for the future.

“The high quality of the product, together with the skills of the workforce were of particular importance to F1.”

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