The administrators of a Blackburn-based precision engineering and laser cutting business have secured the jobs of all 25 staff after securing a buyer for the business.
Laser Shapes (NW) Ltd has been acquired by Metallurgical Processing Limited, which is part of the ARC Group. The deal follows an extensive marketing exercise carried out by Dow Schofield Watts Business Recovery LLP during June and July.
All staff have been retained and Metallurgical Processing Limited will continue to occupy the 90,000 sq ft leasehold premises in Witton Mill. Beth Nutter, MD of Metallurgical Processing, commented: "This is the latest of several acquisitions within the ARC Group. Our management team are committed to the success of the business and will devote much needed turnover, capital and resource to the team. New management and ownership of the old Laser Shapes business will make the most of all that was good in the business, and build on the platform left by old management."
Ben Barrett and John Carpenter of Dow Schofield Watts Business Recovery acted as joint administrators of Laser Shapes. Ben Barrett commented "I am very pleased to have concluded the sale of the business and assets of Laser Shapes (NW) Limited to Metallurgical Processing Limited. Whilst there were a number of interested parties, and discussions progressed with several, the sale of the business to a progressive independent manufacturing group has resulted in a positive outcome for its employees."
Dow Schofield Watts were advised by Stuart Beatson and Grahame Love of Taylors Solicitors.
About Dow Schofield Watts Group
Dow Schofield Watts is a prominent independent advisory business which for over a decade has delivered a partner-led corporate finance service across diverse industries. Established in 2002, the firm has a talented team of over 50 professionals, based in offices in the North West and North East of England and provides a broad range of professional services, including corporate finance, transaction services, business recovery, management and strategy, VAT and tax advisory, tax resolution, forensic services, wealth management and IT advisory. The business has a dedicated tech team and operates the Dow Schofield Watts Angels network. In September 2017 it launched Pangea M&A, an international network of corporate finance firms in 10 different countries and across 60 offices.