Jobs saved at engineering firm
JOBS have been saved at a Bradford engineering firm, which supplies products to Formula 1, after it was bought out of administration.
The sale of Unisurf Engineering to Batley-based WM Hardill secures all twelve jobs at the business which will remain at its current base at Barnard Road.
Unisurf Engineering, established in 1972, specialises in the manufacture, production and renovation of components used in a range of sectors from Formula 1 to newspapers and sewage treatment.
Philip Deyes and Sean Williams of Leonard Curtis Business Solutions Group were the appointed administrators.
The continued funding provided by the company’s invoice finance firm ABN Amro allowed the business to complete essential work in progress, allow continued payment of wages and other key overheads to enable a going concern sale.
The joint administrators were advised by Irwin Mitchell’s specialist insolvency team on both the appointment and the sale of the business.
Mr Deyes said: “Working closely with the secured creditors of the company, with specific assistance from ABN Amro in the provision of essential working capital to facilitate ongoing trading (in the lead up to the eventual sale), highly skilled jobs have been saved within a sector where finding alternative employment has been problematic.
“In addition, this going concern sale has secured a greater price for the business which will provide significantly improved returns to the company’s creditors than would have been the case had the company been forced to cease to trade.”
Tom Paton, a solicitor in Irwin Mitchell’s Sheffield-based insolvency team who worked on the deal alongside the administrators, said: “We are delighted to have provided support on this deal and helped achieve a going concern sale.”
