Date Published: 24th October 2016
Alatas Engineering Limited, a leading provider of mechanical engineering services and hydraulic solutions, has been acquired out of administration in a deal negotiated by joint administrators Julian Pitts and Nick Reed of Begbies Traynor.
Based in Low Moor, Bradford, the company (previously known as Micron Precision Engineering) was founded in 2000, and specialises in the repair and testing of pumps, motors and actuators as well as complete system overhauls. It has grown into a £1.5m turnover business operating from a fully equipped workshop with fault diagnostics, testing, manufacturing and machining facilities.
Alatas Engineering was placed into administration on 27 September 2016 as a result of a number of exceptional circumstances including the downturn in the oil and gas industries. The company continued to trade while a buyer was sought and, following an accelerated marketing process, a sale of the business and assets was completed to Alatas UK Limited on 17 October 2016. The deal safeguarded the jobs of the remaining 16 employees.
“Unfortunately, Alatas was a victim of unforeseen changes in market conditions,” comments Julian Pitts, joint administrator. “However, with its strong reputation within the sector as a one stop shop for engineering and hydraulic repairs, we were confident that it had a viable future.
“Having undertaken an accelerated marketing process, we were swiftly able to conclude a sale which not only enabled the business to continue to trade, so saving jobs and contracts for suppliers, but also realised the best return for creditors.”
Law firm Clarion acted for the joint administrators.
Following graduation from the University of Hull, Julian qualified as a Chartered Accountant with Coopers & Lybrand in Leeds. In 1989 he was the joint founder of Wilson Pitts, a specialist independent practice dealing with all aspects of insolvency and corporate recovery work. Subsequently in 2006, the Wilson Pitts practice was acquired by Begbies Traynor where Julian is now the Regional Managing Partner for the North-East region.
Julian has significant experience in advising SMEs and their stakeholders, seeking innovative solutions to financial challenges.
With family roots in Devon, Julian has been a life-long supporter of Plymouth Argyle and he also spends time rallying a Mk1 Lotus Cortina as well as trying to reduce his golf handicap.