Cannock engineering firm rebrands after buy-out

STAFFORDSHIRE engineering firm Hi-Spec Precision Toolmakers has changed its trading name following its takeover.

The Cannock business, which has risen phoenix-like following a serious arson attack last year at its base in Willow Park, Hawks Green has been acquired by integrated manufacturing service Goodfish Ltd and will now trade under that name.

The buy-out was completed with the help of Midland chartered accountants Spencer Gardner Dickins and David Neate, of Springboard Corporate Finance.

Goodfish had been looking to grow and had spent 18 months trying to identify a suitable bolt-on business.

Hi-Spec built a strong reputation for designing and manufacturing plastic injection mouldings and precision custom tooling but was forced to halt the majority of its operations following the arson attack in January 2009 which completely gutted the factory.

The company has since invested in 17 brand new injection moulding machines and is now building on the success the firm had achieved prior to the fire.

Goodfish managing director Greg McDonald said: “We had been looking for a new acquisition for some time and I’m delighted to have finally brought the company under the Goodfish umbrella.

“The factory base at Willow Park is highly impressive following the investment in state-of-the-art moulding machines and ancillary equipment. Since the acquisition we have won new orders with leading point-of-sale companies in the UK, Europe and Asia.

“The Hi-Spec management team and all the employees have been retained and we’ve also added to our team which is now 35-strong.”

David Thomas, partner at Coventry-based Spencer Gardner Dickins, added: “Goodfish has made a solid start to business following the buy-out.

“Greg and his team have a proven track record of turning around point-of-sale display equipment manufacturers and the future of the company is in good hands.”