All jobs saved as engineering firm sold in pre-pack deal

A Chesterfield engineering company has been sold out of administration, with all jobs saved.

Hub Engineering directors sought advice from business rescue and recovery specialists at Begbies Traynor this summer amid concerns about the firm’s solvency.

Joint administrators Craig Povey and Gareth Prince, of Begbies Traynor’s Birmingham office, were appointed on 25 September, overseeing the pre-pack sale of the business to Hub Engineering Group on the same day.

All 22 staff members will continue working for the firm, which operates from Poolsbrook in Chesterfield and specialises in CNC machining, laser profiling and sheet metal forming among other services.

Hub Engineering was established in 2016 on a relatively small scale but grew significantly as a result of a post-Covid surge in demand and a strategic expansion into labour provision.

The company began encountering difficulties in 2023 due to a combination of unprofitable projects and a customer dispute.

However, it is now in a position to trade forward with confidence, according to Craig Povey, partner at Begbies Traynor.

He said: “Following a full assessment of this business and the options available, we concluded that a pre-packaged sale via administration would enable it to continue to provide its unique engineering services.

“We’re also extremely pleased that the transaction has protected the jobs of all 22 employees and we wish them well for the future.”