The joint administrators of North West Precision Forms today announced a sale of the business and its assets to North West Precision Limited.
North West Precision Limited was founded by Gavin Bewley and Colin Keal of BK Consultants of Oakham, Rutland – a company specialising in acquiring distressed businesses.
The administrators say the sale will secure employment for 76 employees. The business will continue to operate from its current location in Birkenhead.
Paul Flint, associate partner at KPMG and joint administrator, said: “After trading this long-standing family business for ten weeks, we are delighted to have concluded a sale which will safeguard a significant number of jobs, in what is a difficult area for employment. The deal is also notable, not least because it has been secured in what is still a very challenging economic climate and in a sector that undoubtedly has been affected by the downturn.”
He continued: “The sale will also ensure continued trade for those companies who form part of the supply chain. We wish North West Precision every success for the future.”
Gavin Bewley of North West Precision Limited added: “Given our own manufacturing experience, the niche business of Northwest Precision Forms with its blue chip customer profile fitted our acquisition criteria. We have every confidence that this long-established business can maintain its reputation as a manufacturer of excellence within the aviation industry.”
North West Precision Forms Limited was placed into administration on 8 June 2010. The company is a manufacturer and supplier of metal parts, comprising mainly bolt, drills and electric panel boarding to the aviation sector.
