Jobs saved as Sheffield manufacturer is bought out of administration

THE future of Darnall-based manufacturers The Laser Cutting Company has been secured following a management buy-in (MBI) just 10 days after it went into administration.

The firm, which was founded in 1981, went into administration earlier this month due to a combination of difficult trading conditions coupled with rapidly increasing costs.

Administrators PricewaterhouseCoopers (PWC) said that as a result of the MBI led by Jon Day the firm will open for trading as normal on January 5.

Lyn Vardy, joint administrator and director at PWC in Sheffield said: “We are delighted to announce the successful sale of The Laser Cutting Company Limited as a going concern, which has helped secure the future of a number of jobs in Sheffield.

“The past 10 days have been a difficult time for everybody involved with the business and we would like to thank the staff at The Laser Cutting Company in particular for their patience and cooperation throughout this period.”

The Laser Cutting Company was one of the first companies in the UK to use laser technology to supply laser cut tube, flat profiles, cut beams and sections to manufacturers in a variety of sectors.

It remains at the forefront of the laser processing industry under its new management team.