Begbies Traynor hammers out pre-pack for engineering specialist
Begbies Traynor has been appointed as joint administrators of Newburgh Precision in Rotherham, and have immediately sold the company in a pre-pack deal with Ledantech Ltd, saving all 80 jobs at the business
28 Jan 2019
Administrators Joanne Hammond and Claire Dowson, insolvency directors at Begbies Traynor’s Sheffield office handled the pre-pack.
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 85,000sq ft world class production facility in Rotherham.
The £1m pre-pack administration sale saw Ledantech acquire all of the assets as well as retaining the 80‐strong workforce. Following the sale, Ledantech changed its name to Vector X‐Cel Ltd.
Hammond, joint administrator and Begbies Traynor director, 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.’
Report by Pat Sweet