Employees of the troubled waste disposal equipment manufacturer the Boughton Group were given the good news today that a sale of the company has been agreed.
The Boughton Group – trading as Reynolds Boughton, based in Staffordshire and Devon – fell into administration last month following financial difficulties during the recession. Although a Company Voluntary Agreement was accepted by many of its suppliers, it was rejected by HM Revenue and Customs.
Now, administrators Baker Tilly Restructuring and Recovery LLP have agreed a sale to the West Midlands based multi-engineering Skan Group, which has renamed the company Boughton Engineering Limited.
After sounding hopeful about the quick sale of the companies, Baker Tilly administrator Graham Bushby was pleased to comment on the proceedings. He said: “We are delighted a successful sale could be achieved so quickly. It is excellent news that the business will continue as a UK manufacturer and that many jobs will be preserved. With the Skan Group’s commitment to investment and development of the business, the future for the business now looks bright and we wish them every success for the future.”
Skan Group also owns Wolverhampton-based specialist trailer, transport equipment and engineering company, Oldbury UK Limited, which serves sectors including road transport, construction, extraction, wastes management, defence and aerospace.
Boughton employs forty people and has an annualised turnover of around £7 million.