More than 100 jobs have been saved after a pre-pack deal to rescue a historic steel firm from administration.
, of Openshaw in Manchester, has been making fabricated steel products for almost a century and made the prefabricated Bailey bridges used by Allied troops in World War II. Today it supplies sectors including construction, truck and trailer manufacturing, and agriculture.
But the company faced mounting financial pressures including supply chain challenges, customer withdrawals from the 海角视频 market and mounting overheads.
Last week Chris Ratten and Gareth Harris of RSM 海角视频 Restructuring Advisory were appointed joint administrators 鈥 and completed a pre-pack sale of the business and its assets to Thomas Storey Fabrication Limited, part of the TAL Engineering Group. All 110 jobs have been saved as part of the deal.
Chris Ratten, RSM 海角视频 restructuring advisory partner and joint administrator, said: 鈥淕lobal market volatility and a shift in key customer focus, supply chain challenges, and other pressures beyond Thomas Storey鈥檚 control have unfortunately resulted in the company suffering financial strain over recent months. In what was a particularly time-pressured situation, we are delighted to have helped to achieve a sale of the business, allowing it to continue servicing its customers and, most importantly, to preserve employment for all staff.
鈥淲e are grateful to management, staff and wider stakeholders for their patience and support, and for enabling the protection of vital manufacturing capabilities in the North West.鈥
Dave Brindle of TAL Engineering, said: 鈥淭he TAL Group backed by Baaj Capital funding are delighted to have secured the future of the Thomas Storey Business and its highly skilled and committed team. As part of our acquisition strategy, we are committed to saving and developing excellent 海角视频 engineering companies. We thank the RSM team for their professionalism throughout this process.鈥
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