Twenty-four jobs have been saved after an engineering company in Washington, Sunderland, was bought out of administration by a local peer.
Washington Precision Engineering, a parts and subassemblies supplier to the British aerospace industry, has been sold to Washington Technologies Ltd. The company had fallen into receivership earlier this month, and legal firm Baker Tilly was appointed as administrators.
Mark Ranson, partner at Baker Tilly, said: “We are pleased to have concluded the sale so rapidly for Washington Precision Engineering (NSE) Ltd. The company has an excellent reputation and it is great that the new owners will continue to trade and build upon that reputation. It is an added bonus that all jobs remained intact as part of the sale.”
The company, a key supplier to Magellan Aerospace, has annual sales of circa £2m. As part of the sale, the buyer acquired the benefit of uncompleted work in progress.