18 jobs secured as specialist engineering contractor saved from closure
A total of 18 jobs have been saved after a rescue deal was secured for a specialist engineering contractor based in Elland, West Yorkshire.
Elland Metal Spinners has been saved from potential closure in a joint exercise with business advisors RSM in Manchester and co-ordinated by Poppleton & Appleby Licensed Insolvency Practitioners.
With funding support from Ultimate Finance, the purchasers were advised by Richard Brier of Isaacs Business Finance and Jeremy Garside, partner at commercial law specialists Williams & Co.
Founded in 1946, Elland Metal Spinning is a specialist contract metal spinners, supplying a range of components in mild steel, aluminium and various alloys.
Joint Administrator, Charles Brook of Poppleton & Appleby, said: “I am delighted to start the year with this good news, which demonstrates the positive results of swift action when taken by experienced insolvency professionals.
“Keeping jobs and highly skilled services within the locality is as much a part of helping the area to thrive as any other measures. The business now has a very good future with commercial customers across the UK and beyond that are relieved it can continue to serve their needs.”
Michael Cruddas, managing director of Elland Metal Spinners, added: “This long-established business was acquired from the founding family four years ago. However, last year actions of former employees that seemed intent on destroying the business were discovered, which threatened the survival of the company. Prompt action by our professional advisors has saved the business and the jobs of its loyal staff.”
