Merseyside firm steps in and rescues struggling engineering business

A Merseyside business has stepped in to buy a struggling engineering firm out of administration saving 22 jobs in the process.

 
Joint Administrators Chris Petts and Sarah O’Toole of Grant Thornton secured the sale of the business and assets of Thos Proctor & Son to Lloyd & Jones Engineers.

The sale has safeguards the employment of the existing 22 staff based at Thos Proctor’s premises at Team Valley, Stockton on Tees, and in Carlisle.

The sale to Lloyd & Jones, whose headquarters are based in Merseyside, safeguards the future of the business which has traded from the North East since 1798 and follows the administration of Thos Proctor earlier this week.

Chris Petts said: “It is very satisfying to have been able to locate and secure a purchaser for this long established North East business.

“ Following a difficult period of trading, exacerbated by having to fund a significant pension scheme deficit and uninsured asbestosis claims, the sale of the business to Lloyd & Jones should help ensure the continuity of the business and employment of its staff for many more years to come”.

John Birch of Lloyd & Jones commented: “We are proud to be involved in safeguarding the future for the loyal staff and client base alike of such a long established company”.

The Joint Administrators were advised on the transaction by law firm Eversheds Sutherland (International). Lloyd & Jones was advised by law firm Hill Dickinson.