Pre-pack deal saves jobs at Cobble Blackburn
TEXTILE machinery company Cobble Blackburn has been sold in a pre-pack deal which safeguards 120 jobs.
Previously owned by US company Sencer Wright Industries Inc, the company produces tufting machines used by carpet manufacturers around the world.
It has been rescued by Belgium-based industrial group Van de Wiele. Cobble Blackburn made a loss of £276,000 on sales of £13.8m in 20011 and had been recently hit by cashflow difficulties.
Fiona Rae and Chris Wood of Clough Corporate Solutions, which is part of chartered accountancy firm Clough & Co were appointed as joint administrators.
New owner Van de Wiele employs more than 2,500 people throughout the world and has an annual turnover exceeding $500m. The company’s activities include manufacturing high-speed carpet and velvet machines, yarn extrusion machines and electronic Jacquard machines.
Cobble opened in Blackburn in 1955 and also has operations in the US and China which are included in the acquisition.
The new company will trade as Cobble – Van de Wiele Limited and be led by former apprentice Jason Kent, who has been appointed managing director.
Cobble opened in Blackburn in 1955 and also has operations in the US and China which are included in the acquisition.
The new company will trade as Cobble – Van de Wiele Limited and be led by former apprentice Jason Kent, who has been appointed as managing director .
Mr Kent, who started working at Cobble as an apprentice in 1986, explains: “It’s fantastic that the future of Cobble has been safeguarded through this deal which brings together two of the world’s most famous names in textile manufacturing technology.
“Cobble can now look forward to an exciting future as part of a global organisation that complements it perfectly with minimal product overlap.”
Joint administrator Chris Wood added: “Cobble is a fantastic business with a loyal workforce and a worldwide customer base but cashflow problems were placing it under significant pressure.
“This acquisition, by a global giant in the carpet machinery market, was a complex deal and we’re delighted with the outcome which has saved jobs on three continents.”
Stephen Newman of Baxter Caulfield in Huddersfield advised the joint administrators on the sale.
