Jobs saved as TM Newburn deal completed

SPECIALIST power supply firm Progress Group has bought TM Newburn out of administration.

The deal will save 24 jobs at the Bradford-based diesel generator supply and rental company which will be renamed Newburn Power Rental.

Mark Henstock, managing director at Dewsbury-based Progress Group, said: “This is a fantastic outcome for all parties – it secures the jobs and future of a great Yorkshire business with a fantastic workforce and loyal customer base which has been trading for over 20 years and has built a strong reputation, but struggled last year. 

“This deal draws a line under the company’s recent difficult times and allows the business to build again from a stable, well funded foundation.

“The acquisition is also a great opportunity for Progress Group to grow, complementing our existing business and enabling us to move into different specialist sectors such as providing power to the leisure industry for outdoor events.”

TM Newburn went into administration earlier this month. Progress was advised on the deal by Andrew Walls of Ethos Corporate Finance.

He said: “The successful completion of this deal demonstrates that there are still opportunities for strong companies to expand, despite difficult trading conditions.

“We look forward to continuing to identify suitable opportunities for Progress Group as it seeks further acquisitions that will allow it to continue to grow its geographic reach and expand its services further.”

The deal was funded through existing facilities from HSBC. Ryan Millmore, from law firm Clarion, advised administrators KPMG.

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