Twelve jobs have been saved at a Bradford engineering firms whose products are used in a range of sectors from Formula 1 to newspapers and sewage treatment.
Unisurf Engineering Ltd, based in Barnard Road, Bowling, has been bought out of administration by Batley-based drum and process roll manufacturer WM Hardill Ltd . The deal has secured the jobs of all employees at Unisurf, which was founded in 1972 and the business will continue to operate form its Bradford base.
Philip Deyes and Sean Williams of Leonard Curtis Business Solutions Group were the appointed administrators and sold the business and assets on August 13.
The continued funding provided by the Unisurf's invoice finance company, ABN Amro, allowed it to complete essential work in progress, pay wages and other key overheads so it could be sold as a going concern .
The joint administrators were advised by Irwin Mitchell’s specialist Insolvency team on both the appointment and the sale of the business .
Phil Deyes, joint administrator, said: “Working closely with the secured creditors of the company, with specific assistance from ABN Amro in the provision of essential working capital to facilitate ongoing trading, highly skilled jobs have been saved within a sector where finding alternative employment has been problematic.
“In addition, this going concern sale has secured a greater price for the business which will provide significantly improved returns to the company’s creditors than would have been the case had the company been forced to cease to trade.”
Tom Paton, a solicitor in Irwin Mitchell’s Insolvency team who worked on the deal alongside the administrators, said: “We are delighted to have provided support on this deal and helped achieve a going concern sale.”