80 jobs saved with sale of engineering business with 75-year history

A Rotherham-based engineering business has been acquired for £1m, saving all 80 jobs at the firm.

On Tuesday, Joanne Hammond and Claire Dowson of Begbies Traynor in Sheffield were appointed as joint administrators of Newburgh Precision with the company immediately being acquired by Ledantech Limited, which changed its name yesterday to Vector X-Cel Ltd.

The £1m pre-pack administration sale was completed with the help of a team of advisers including Sheffield-based 7 Legal & Finance Ltd which advised Vector X-Cel. Tom Paton, restructuring & insolvency partner at Irwin Mitchell in Sheffield, along with Hal Roberts, advised Begbies Traynor, with Kirsty Ayre, employment partner, and Guy Whitehead in real estate also supporting the deal.

Part of the Newburgh Group, Newburgh Precision, was founded in 1939 and manufactures precision machined and fabricated engineering components and assemblies for all industrial sectors. It has an 85,000 sq ft world class production facility in Rotherham.

Vector X-Cel has acquired all of the assets as well as retaining the 80-strong workforce.

Hammond said: “After 75 years in business, it’s fantastic news that this sale has enabled the firm to continue trading, saving all 80 jobs as well as securing its supply chain. We wish it well for the future.”