Pre-pack deal safeguards 500 jobs for precision engineer
Aerospace engineering group Nasmyth has been saved by its owner Rcapital in a pre-pack administration deal.
The firm has restructured its holding company and received a £5m finance facility from Rcapital, which safeguards 500 jobs.
TheBusinessDesk.com revealed that Coventry-based Nasmyth faced uncertainty after it filed a notice of intention to appoint an administrator last week, after its initial restructuring plans were rejected by the High Court.
The proposal would have “crammed down” creditors, including HMRC, resulting in its objection to plans.
After an accelerated sale process ran by Begbies Traynor, Nasmyth says the pre-pack deal will enable it to complete its turnaround and increase its production volumes in line with the anticipated rise in flying hours and defence production volumes globally.
Tony Upton, CEO of Nasmyth said: “With Rcapital’s ongoing support, Nasmyth will continue to make significant steps forward operationally and financially.
“We are well on the road to achieving our ambition to becoming a guardian and developer, of the key machining and fabrications skills necessary to support whole manufacturing life cycle for the aerospace and defence sectors.”
Squire Patton Boggs acted on the acquisition by the new holding company. The team was led by Russ Hill, assisted by Helena Clarke, Leyla Parvizi and Geoff Perry.
