40 jobs saved as Leicestershire firm snaps up part of stricken competitor
Leicestershire-based maintenance, repair and operations supplier Cromwell has swooped for part of the collapsed Monks & Crane business, the Wednesbury firm which fell into administration earlier this month.
Cromwell have signed a deal that will see some branches, stock, vending machines and some employees transferring over. Around 40 of Monks and Crane staff at, three branches (Hook in Hampshire, Heathrow and Cardiff), stock, vending machines, and some customers will be moving to Cromwell.
Neil Jowsey, managing director at Cromwell, said: “Monks & Crane has been an admired competitor over the years and it is truly sad to see this happen.
“We have been working closely with the administrators and management of Monks & Crane to see how we could keep elements of their operations going, provide continuity of service for customers and, importantly, provide a home for some of their team. Our core purpose at Cromwell is to keep our customers’ operations running and their people safe. Monks & Crane’s customers have unfortunately had several uncertain weeks, so our focus is on getting support to them as quickly as possible.
“The newly acquired locations of Hook, Heathrow and Cardiff provide a great opportunity to accelerate our expanding customer footprint along with adding some key strategic customer accounts to our portfolio.”
Damian Webb, Tom Straw and Chris Lewis of RSM UK Restructuring Advisory were appointed joint administrators of Monks & Crane Industrial Group on 24 February.
Founded 160 years, the company specialises in the sourcing and distribution of high quality industrial products for customers across the UK.
Turnover was approximately £40m in 2022, with the company employing 190 people.
The business was severely impacted by Covid shutdowns and supply chain issues. This was compounded by recent inflationary pressures and the consequent increase in its borrowing costs which significantly increased operational losses.