All jobs saved as manufacturer sold out of administration

Some 15 jobs have been saved after a Nottinghamshire manufacturer of rotary motion equipment.

Jena Tec Precision slipped into administration in September, saying it had suffered from a recent downturn in sales, principally due to customer caution driven by the political and economic uncertainty in the lead up to Brexit.

Now, joint administrators from BM Advisory and Finn Associates have sold the Sherwood Park firm to Motion Control Engineering, based in Mansfield.

Michael Solomons of BM Advisory said: “The UK manufacturing sector has been under significant pressure in recent months as a result of issues surrounding Brexit. Jena Tec suffered the knock-on effects, resulting in a downturn in sales principally due to consumer caution. This led to severe cash flow difficulties and, ultimately, rendered the business insolvent.

“Following an independent marketing campaign to find a buyer, during which time joint administrators continued to trade the business to ensure a continuity of service and to maintain the company brand, BM Advisory is very pleased to have concluded a successful sale of the business and assets of Jena Tec. The sale preserves all jobs and enables the future trading of the business; a positive outcome for employees and welcome news for the manufacturing sector. We wish the business every success going forward.”

Chris Truman, managing director of Motion Control Engineering, said: “This rescue of the business has enabled the continued employment for the team and for the ongoing supply of the full range of products which had been built up over many years. This is a good result for the industry as a whole, and we look forward to an exciting future for all of our stakeholders.”