Experts from leading advisory firm Quantuma have completed a pre-pack administration sale of Somerset based robotics manufacturer, Colin Mear Engineering Limited, securing the future of the business and protecting 82 jobs.
Quantuma's managing director, Tim Sloggett and director, Richard Easterby were appointed as Joint Administrators of the business on 30 June 2023 and completed the sale of its business and assets shortly afterwards to a private equity investor.
Award-winning Colin Mear Engineering designs, builds, installs and services process and packaging automation machinery for a worldwide customer base covering the pharmaceutical, FMCG, tobacco and cannabis sectors.
Tim Sloggett, managing director at Quantuma, said:
"The sale is a great outcome for the company, which protects the long running established business, as well as providing it with the platform it needs to deliver its exciting growth plans.
The company suffered significant challenges due the Covid-19 pandemic, causing significant increases in component lead times and delays in the ability to deliver and install machinery across its global customer base. Despite recent improved trading performance and a strong sales pipeline, the level of creditor arrears and funding required, as a result of these short-term challenges, became too large to meet from future profits.
I am delighted to have achieved such a positive outcome for the business, ultimately preserving jobs and a strong manufacturing business for the local Somerset community.”
Paul Knight, CEO of Colin Mear Engineering Ltd said:
“I am delighted to have secured an exciting future for our business together with our new funding partner. The last few months has been very challenging, but now we can focus on returning to profit and the development and execution of our strategy across our markets.”
