Cyrus-RW Group completes purchase of Bradford Cylinders
A BUYER for Bradford Cylinders has been announced.
Cyrus-RW Group, a mechanical, polymer and electrical engineering services firm, has completed the purchase of the Bradford business. Cyrus-RW Group is headquartered in Cardiff, with further facilities in Briton Ferry, Newcastle, Glasgow, Aberdeen and the Middle East.
Cyrus-RW Group has grown significantly after a number of key acquisitions in the past ten years. The acquisition of Bradford Cylinders forms a key part of the business’s growth strategy to increase Cyrus-RW Group’s turnover from £10m to £25m in the next three years. The business already has a small cylinder facility in Wales which will be strengthened with the addition of Bradford Cylinders.
Ian Watkins, managing director of Cyrus-RW Group, said: “We were attracted by the Bradford Cylinder name, the work and obvious skills of the workforce and long tradition of it being one of the UK’s number one hydraulic engineering firms. Sadly many people lost their jobs when the firm went into administration recently but we intend to re-build the work force and will be recruiting in the future. Initially our main focus is to build up Bradford Cylinder’s order book and invest in the business to improve the plant and equipment. At Cyrus-RW Group we have spent in excess of £3m in plant equipment in the last year so are well placed to strengthen Bradford Cylinders capability in this area.
“We have a strong track record of success turning around acquired businesses and are looking forward to working with the existing management team. We will also be introducing key members from the Cyrus-RW Group including Gary Brewster our northern managing director and my son Mark Watkins will provide sales and marketing support. This is a very exciting period. The support from Mazars has been great. They worked extremely hard to make this deal happen and have been very proactive.”
Robert Adamson, restructuring partner at Mazars, added: “We are delighted to complete the sale of Bradford Cylinders to Cyrus-RW Group. This is a perfect fit for Cyrus-RW Group and supports their continued growth strategy. We wish them all the success as they look to rebuild Bradford Cylinders and announce new jobs in the future which will have a positive impact on the local economy.”
Bradford Cylinders has been in business for more than 100 years designing and manufacturing engineering products. A drop in orders and decline in sales volumes significantly affected the business and resulted in a deterioration of its working capital position and administration in April.
Mazars, the administrators, received legal advice from Jo Smith from HLW Keeble Hawson and Cyrus-RW by Nigel Greenaway from Greenaway Scott Solicitors.
