Amiri’s a2e snaps up HQC from administration

DEAL-hungry turnaround specialist Amin Amiri has saved jobs at St Helens engineering firm HQC after agreeing to buy the business out of administration.

HQC Sheet, which makes metal steel fabrication and high quality precision components, employs 46 people, most of whom will be retained by new owner, Manchester-based a2e Venture Catalysts.

The manufacturer, which supplies the international technology and medical sector, had been marketed for sale over recent months, culminating in the sale to Mr Amrir’s a2e shortly after entering into administration.

The deal, which preserves the jobs of most of the 46 employees,is part of a buy and build strategy for one of a2e’s existing portfolio businesses.

Ben Woolrych and Russell Cash, partners at restructuring firm FRP Advisory, were appointed administrators of HQC Limited, on July 9.

Mr Woolrych said: “We are delighted to have secured the future of this long-standing business and the employment of most of its staff. We wish the purchaser and everyone involved with the business continued success in the future.”

a2e focuses its investments on the mid-market and invests in established, underperforming manufacturing companies and those businesses anticipating fast growth.

HQC was sold to a buy-in team in March 2011 including managing director Eoghan McTiernan and operations director Peter O’Neale. They were backed by equity financing from APW manufacturing and Greenfold Partners, as well as some debt financing from Lloyds TSB Corporate.

At that time the business had 60 staff and annual sales of £4m.