Administrators have agreed six pre-pack deals to save 430 jobs at a Lancashire manufacturing group.<\/p>\n
Richard Harrison and Howard Smith from Interpath Advisory, were appointed joint administrators to 14 companies across Pexion Group.<\/p>\n
The deals included the sale of Precision Engineering Pieces to Geometric Manufacturing, with 38 members of staff moving over. The two Tewkesbury companies are based on opposite sides of junction 9 of the M5.<\/p>\n
Richard Harrison, joint administrator and managing director at Interpath Advisory, said: \u201cWe are delighted to have concluded these six transactions which not only willl safeguard the future of 13 of the group\u2019s operating subsidiaries, but importantly, safeguards 430 jobs.<\/p>\n
\u201cPexion is a highly diversified group which supplies some of the world\u2019s largest OEMs (original equipment manufacturers) and tiered supply chain providers across key industries including the aerospace, defence and automotive sectors.”<\/p>\n
Baaj Capital bought eight, mainly North West, companies which employed 144 people.<\/p>\n
Nitronica has been taken over by Hinchtech, and Simtek EMS has gone to Westwood EMS.<\/p>\n
Amcomri Group has taken over Claro Precision Engineering and Drurys Engineering, and Clitheroe Light Engineering has bought Bryden Venture Engineering.<\/p>\n
However, 17 people have been made redundant – 13 at the parent company, Pexion, and four people at Phasa, a Newmarket-based company which is to be wound down.<\/p>\n
The Pexion Group was acquired in January last year in a deal valued at \u00a334m by London-based investment firm RDCP Group, which gave it a 75% stake in the \u00a355m-turnover, \u00a37m-EBITDA business.<\/p>\n
RDCP also provided Pexion with a \u00a315m acquisition facility to support bolt-on acquisitions and grow EBITDA to more than \u00a320m within five years.<\/p>\n
Over recent months, Pexion had experienced challenging trading conditions and had started to come under increasing financial pressure from its suppliers.<\/p>\n
This, in turn, put pressure on the group\u2019s liquidity position. In response, the directors sought to undertake a review of the sale and restructuring options available to them, but when a solvent solution could not be found, they took steps to seek the appointment of administrators.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tewkesbury business acquires near-neighbour after group’s collapse<\/p>\n","protected":false},"author":18,"featured_media":12350,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7],"coauthors":[81],"class_list":["post-12349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-manufacturing","tag-featured-story","tag-gloucestershire"],"yoast_head":"\n