Date Published: 25th January 2019
On 22 January 2019, Joanne Hammond and Claire Dowson of Begbies Traynor in Sheffield were appointed as joint administrators of Newburgh Precision in Rotherham with the company immediately being acquired by Ledantech Limited, saving all 80 jobs at the firm.
The £1m pre‐pack administration sale was completed with the help of a team of advisers including Sheffield‐based 7 Legal & Finance Ltd which advised Ledantech. Tom Paton, restructuring & insolvency partner at Irwin Mitchell in Sheffield, along with Hal Roberts, advised Begbies Traynor, with Kirsty Ayre, employment partner, and Guy Whitehead in real estate also supporting the deal.
Part of the Newburgh Group, Newburgh Precision was founded in 1939 and manufactures precision machined and fabricated engineering components and assemblies for all industrial sectors. It has an 85,000sq ft world class production facility in Rotherham.
The sale saw Ledantech acquire all of the assets as well as retaining the 80‐strong workforce. Following the sale, Ledantech changed its name to Vector X‐Cel Ltd.
Joint administrator Claire Hammond said: “After 75 years in business, it’s fantastic news that this sale has enabled the firm to continue trading, saving all 80 jobs as well as securing its supply chain. We wish it well for the future.”