Sheet metal works business Bland Burgess & Hethershaw has recently been rescued out of administration in an MBO deal.
The Lincolnshire firm
entered administration in April this year. Former director, John Leach, led the management buyout deal and 11 jobs have been saved as a result.
Begbies Traynor negotiated the deal, which sees the sale of the business and assets to John Leach’s company BBH Prometals Limited. Begbies Traynor was also Bland’s administrator.
Trouble began at the firm in 2009 due to cash flow difficulties in the recession and reduced trading during the extreme wintry conditions experienced earlier this year. Steps taken to lower overheads had little effect and the business was subsequently placed into administration.
Begbies Traynor commented on the deal: “With his vast knowledge of the business, having spent almost 20 years working first as general manger and latterly as director, we believe Mr Leach is the right person to take the business forward.”
“We are confident that the new company will be able to trade through the current tough market conditions.”
Bland Burgess & Hethershaw, established over 50 years ago, provides its sheet metalworking and stainless steel fabrication services to engineering firms, packaging machinery manufacturers and milling and grain merchants.
