Halifax-based Newade Stainless Products Ltd, placed in administration in February, has been sold, saving 15 jobs.
A new company, a subsidiary of Ormandy Limited, a local heat exchanger and packaged solutions manufacturer, has bought the company. They manufacture stainless steel pressure vessels and process equipment for many major high profile companies, across the chemical, confectionery, food and pharmaceutical industries. The business will relocate to Ormandy’s premises in Halifax.
The company’s current premises will now be sold and it is hoped that creditors will receive a substantial return, if not paid in full.
Joint administrator, Peter Sargent of corporate recovery and turnaround specialists Begbies Traynor comments: “We’re absolutely thrilled at this outcome, it’s been hard work, but we’ve managed to save 15 jobs and we’re pleased with the result.
“Newade went into administration because the overheads were too great for the level of production it could achieve and by pooling its resources with Ormandy it should be able to return to profitability. The deal will secure the future of the company, we wish the new venture every success in the future.”
Enquiries, please contact:
Peter Sargent Joanne Fletcher-Wall
Begbies Traynor Group plc Bell Pottinger North
01422 348448 01625 506444
Notes to editors:
About Begbies Traynor Group plc
The Group specialises in business insolvency management and is becoming increasingly active in the area of personal insolvency. It also offers services in corporate rescue and investigation services and has entered the field of corporate finance.
In November 2005, the Group entered the rapidly-expanding volume personal insolvency market via the acquisition of W3 Debt Solutions, a firm specialising in providing advice and practical support to individuals in debt.
The Group has grown to its current network of 30 nationwide offices ranging from Scotland to the South West of England, with 350 operatives. The Company continues to pursue its strategy of organic development, coupled with the acquisition of specialist knowledge of both individuals and firms, to further increase its market share in its core services.
The Directors believe that the Group is the UK's largest independent insolvency, corporate rescue and recovery specialist with clients ranging from major institutions to individuals with business difficulties.
The Office Network
The Group operates with 60 licensed insolvency appointment takers, some 225 fee earning staff and 65 in support and administration. The Group operates from 30 locations of which five are regional offices, a further 12 are full offices and 13 are satellites.
The core business of the Group is the formal administration of insolvencies including receiverships, liquidations, administrations, company voluntary arrangements and business-related personal insolvencies. The Group has extended its activities into a range of consultancy services including corporate rescue, credit management, forensic and investigation services and corporate finance.