Northants engineering firm sold out of administration

A Northants-based electrical engineering firm, which went into administration last month, has been sold to a new buyer.

Nick Edwards and Graham Bushby from RSM Restructuring Advisory were appointed as joint administrators of European Drives and Motor Repairs on 15 June. The company specialises in the repair and rewinding of servo motors and drives.

Some 27 staff have made been made redundant at the firm.

European Drives and Motor Repairs has been acquired by the Unis Group, a Netherlands-based international service company which specialises in the repair and sale of industrial electronics.

Nick Edwards, one of the joint administrators, said: “I’m delighted that we have been able to sell the assets and business of European Drives and Motor Repairs to a buyer who intends to carry on trading.

“This means that although we were required to make redundancies post-appointment, there is now real hope that these jobs have not been lost going forward. We are also happy that these sales have maximised the potential level of return to the creditors.”