Management buyout saves 75 jobs
THE management of spring manufacturer Turton Springs, which has a site in the West Midlands, has bought the firm out of administration saving 75 jobs.
The deal for an undisclosed sum sees the management team of the Sheffield-based firm, acquire the business and assets. It will now trade as TSL Turton.
Turton manufactures coil springs and anti-roll bars from their Kelham Island headquarters in Sheffield and a second site in the West Midlands.
James Bullock, a partner in the corporate team at Irwin Mitchell, which advised on the deal said: “It is very good news for South Yorkshire that a significant number of jobs have been safeguarded by this deal.
“Turton has been making springs for more than 100 years and it is great to see it bought out of administration.”
The deal was completed with funding from Davenham Trust and Venture Finance with corporate finance advice provided by Graham Camm of Sterling Corporate Finance.
Administrators were PricewaterhouseCoopers (PwC).
Irwin Mitchell’s Sheffield-based team has advised on a string of deals so far this year including the buyout of Tempered Spring and Ringland Construction.
In addition, the team has acted on transactions for Energy Alloys, Full Scale Dynamics, H Bingham, Schmolz & Bickenbach, South Yorkshire Investment Fund, HSBC and Mabanaft.
It also advised Alliance & Leicester Commercial Bank on the funding for the management buyout of Mayflower Engineering and Electronic Data Processing on its share buy back on the London Stock Exchange.
Mr Bullock said: “We have worked on a number of management buyouts and acquisitions and it is encouraging that here in South Yorkshire the diversity of the economy is helping maintain its resilience.”
