Lancashire aerospace manufacturing firm looking for new buyer
A Lancashire-based aerospace engineering company is looking for a new buyer after being placed into administration.
Gretone Engineering makes and tests precision engineered components for renowned international aerospace specialists and has been operating for over 40 years from its sizeable freehold trading premises close to Blackpool airport.
Acquired by its current owners in 2013, it has recently experienced financial difficulties and is now looking for a purchaser to take the business forward.
The director and senior management are working closely with David Acland and Lila Thomas at Begbies Traynor in order to explore the possibilities of a sale of the business as a going concern.
David Acland, regional managing partner for Begbies Traynor in Preston, said: “As we continue to look for a suitable purchaser it is intended that Gretone Engineering will continue to trade in the short term, with current customer orders being fulfilled as far as possible.
“The fact that the business has manufacturing approvals from many of the big players in the aerospace industry and a workforce with international recognition for producing quality aircraft parts and components will hopefully assist in our attempts to rescue the business”.
David joined Arthur Andersen as a trainee in 1984 and qualified as a Chartered Accountant in 1988 with John Fairhurst and Co. He specialises in larger corporate assignments, financial reviews, especially with the motor trade and football clubs.