Jobs saved as manufacturer rescued from administration

Warwick manufacturer SMT Developments has been bought out of administration in a deal that secures the jobs of its 30-strong workforce.

The electronic assembly services business fell into administration in May.

C-MAC, which provides system critical electronics for harsh environments and is based in Belgium and Canada, will rebrand the business as C-MAC SMT.

C-MAC Group chief executive Ken Henderson was attracted by “the valuable reputation and relationships” that SMT has established with its customers.

He said: “C-MAC will be investing in the company to build a secure future for the business and for all our employees as part of our strategy to build a greater presence in the UK.”

SMT was founded in 2000 and supplies customers involved in LED lighting, supercar manufacture, superfast broadband solutions, robotics, automotive aftermarket technology and cash weighing machines.

Revenues had fallen, from £3.5m in 2016 to £2.6m a year later, which had led to an EBITDA loss of £160,000.

Leeds-based law firm Walker Morris advised C-MAC on the deal.

“It is always pleasing to successfully complete a transaction which results in preserving jobs,” said Simon Clark, head of restructuring and insolvency at Walker Morris.

“The acquisition is a complementary fit with the C-MAC brand and will provide a great platform for them to expand their European operations.”