Date Published: 29th May 2019
A Barrow engineering firm which was established more than 35 years ago has been acquired out of administration in a deal that has saved 20 jobs.
Ian McCulloch and Dean Watson of insolvency and restructuring experts Begbies Traynor were appointed Joint Administrators of Joss Engineering on 17 May 2019.
The company has been operating in Barrow since 1982. It became a supplier of precision engineering to the aerospace industry. It also supplies a number of aeronautical companies with aerospace fasteners.
The pre-pack administration deal arranged by Begbies Traynor saves 20 jobs and ensures a continuity of trade for staff and customers.
Ian McCulloch, director of Begbies Traynor, said:
"Like many SME’s across our region, Joss Engineering experienced some cashflow issues at the start of the year. Ultimately, this resulted in the director of the company presenting a proposal to ensure creditors of the company received 100p in the pound under a company voluntary arrangement (CVA).
“Unfortunately, this was rejected by creditors, leaving no alternative but to complete a pre-pack administration. The result is that jobs have been saved and orders can be fulfilled which will result in enhanced realisations and a greater return to creditors. Joss Engineering is a strong brand and an historic employer in Barrow and the team are looking forward to the future.”
Having entered a career in insolvency straight from University, Ian has been part of Begbies Traynor Group since 2006. He initially worked in the personal insolvency team before moving to the corporate team at Preston in 2008. He qualified as an IP in 2010 and has dealt with a number of appointments in the North West area.