13 jobs saved at a Tewkesbury-based supplier of precision CNC components
Restructuring specialists Quantuma have saved 13 jobs at a Tewkesbury-based supplier of precision CNC components.
Graham Randall and Mark Roach of Quantuma in Bristol have sold the majority of the business and assets of Gloucestershire engineering business Specialist Engineering Systems Ltd to Swan Lane Engineering Ltd in a pre-pack administration.
Specialist Engineering Systems Ltd ran into cash flow difficulties following an unsustainable reduction in sales as a result of its major customers in the oil and gas sector implementing deep spending reductions following the downturn in commodity prices.
Graham Randall and Mark Roach of Quantuma’s Bristol office were appointed joint administrators on 31 October 2016, following which they completed the sale to Swan Lane Engineering Ltd.
Mr Randall said: “The director concluded that the company’s current financial and operating structure was no longer sustainable and he has therefore taken the difficult decision to place the company into administration.
“I am delighted that the sale to Swan Lane Engineering Ltd has preserved the jobs of 13 members of staff. We appreciate this is a difficult time for the six members of staff that have not transferred and we are assisting them in making their claims.
“The deal with Swan Lane represents both the best outcome for creditors and the best option to secure the future of the business, enabling it to move forward with a new funder on a secure financial footing.”
For further information, please contact:
Andy Skinner, Managing Director, ASAP PR – 07990 978257
Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678
Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton and Bristol.