Begbies Traynor Group

20 jobs saved as historic engineering company in Barrow rescued

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Date Published: 29/05/2019

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.”

About The Author

Meet the Team

Jonathan was a founding director of Cooper Williamson which was acquired by Begbies Traynor in October 2013. 

Jonathan was involved in the inception and continued with the development of the "Real Business Rescue" website, which provides advice and assistance for the directors of limited companies which are experiencing various degrees of financial distress throughout the UK. 

Jonathan is a member of the Insolvency Practitioners Association MIPA and is a Member of The Association of Business Recovery Professionals MABRP.

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