Date Published: 14th April 2015
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”.
Paul qualified as a chartered accountant in 1987 with Arthur Andersen an international accounting practice. He worked on audits, management consultancy and buy out due diligence before specialising in insolvency and investigations. In 1990 he was granted an insolvency licence by ICAEW.
He worked on the Robert Maxwell private company administrations in the Middle East in the early nineties and developed strong banking relationships. In 1993 he joined up again with ex-Andersen's colleague Ric Traynor as Ric's first partner in the firm which later changed its name to Begbies Traynor. Paul acts as managing partner in the Manchester office and sits on both the firm's management and technical committees. He has a reputation as a straight-talking, honest advisor who is both technically strong and commercial.