25 jobs saved as manufacturer sold out of administration

Some 25 jobs have been saved after a Nottingham manufacturer was sold out of administration.

Tim Bateson and Howard Smith from Interpath Advisory were appointed joint administrators to Nova Group Products on Tuesday May 2.

Previously known as Fabriweld, the company is a manufacturer and processor of aluminium and steel products, primarily focussed on home speaker accessories and casings for commercial electric vehicle charge points.

The business had faced a significant drop in revenue over the last two years due to lower demand for consumer-led products. With pressure on cashflow building, the directors explored a number of funding options but, with no solvent solution to be found, took the decision to seek the appointment of the joint administrators.

Immediately following their appointment, the joint administrators sold the business and its assets to Innovation Lifts and Innovation Group Products, two companies affiliated to Nottingham-based Innovation Laser.

As part of the transactions, all of the company’s 25 employees will transfer to the purchasers.

Bateson said: “From its home in Nottingham, Nova Group has been producing quality products for over 40 years, so we’re pleased to have been able to conclude these transactions which will enable production to continue and jobs to be preserved. We wish the purchasers and the Company’s skilled employees all the very best for the future.”