HMK Automation buys Stoke transmission firm
CONGLETON-based engineering firm HMK Automation Group has bought a Stoke business out of administration.
Administrators at the Preston office of Begbies Traynor sold Jacksons Power Transmission which failed earlier in the month blaming creditor pressure and cashflow problems.
The new business, JPT Mechanical Drives, will initially continue to trade from the same address, with the same 10-strong team.
HMK’s chief executive Carl Krajewski said: “As a business, we’ve been seeking to enhance our mechanical power transmission product offering for some time and Jacksons provided us with ideal opportunity to complement our existing products and services.”
He added: “The plan is to take this division from a £2m turnover to a £5m business within three years. We’re also aiming to relocate to larger premises within the area to provide greater capabilities for handling heavier gearboxes and motors and to develop an electromechanical projects business to provide our end user customers with turnkey solutions.”
Lila Thomas, partner at Begbies Traynor, said: “This sale has not only protected vital jobs in the region, but has also provided an ambitious company with the opportunity to expand its own offering and turn around the fortunes of Jackson’s Power Transmission by implementing a determined growth plan.”