Mon, 23 Jan 2012 | ADMINISTRATION
A Bradford power equipment supplier has been bought out of administration, saving over 20 jobs.
The business and assets of TM Newburn Group Limited have been acquired by Progress Group, the Telegraph and Argus has reported. According to the newspaper, the acquisition will boost Progress Group’s turnover by £3 million and has saved most of the workforce at TM Newburn Group Ltd. The business will now be renamed as Newburn Power Rental Ltd.
TM Newburn went into administration earlier this month and according to the newspaper the acquisition deal was for an undisclosed six-figure amount.
Mark Henstock, Progress Group managing director, said, “This is a fantastic outcome for all parties. It secures the jobs and future of a great Yorkshire business with a fantastic workforce and loyal customer base which has been trading for more than 20 years and has built a strong reputation, but struggled last year."
He added, "This deal draws a line under the company’s recent difficult times and allows the business to build again from a stable, well funded foundation."
Progress Group was founded in 1956 and has an annual turnover of £22 million, the Telegraph and Argus reported. Mr Henstock added that the acquisition was a great growth opportunity for the Group and would enable it to move into new, specialist sectors such as power supply for the outdoor events leisure industry.
Impressive top performing motor vehicle repair, servicing, and car sales centre, occupying substantial high profile and valuable site, situated on the edge of the ‘gateway to the moor’. Adjacent the main A382 ensuring easy access, next to major visit...
Popular high turnover outlet, offering homeware, hardware, cookware, electrical, diy, garden items, and more. Situated in the exclusive seaside resort of Sidmouth, occupying premier town centre trading position, fronting the primary shopping thorough...
FREEHOLD
A reputable industry-leading online curated gift company operating on a B2C model targeting adults who are buying toys and gifts for children. The company has a highly-curated choice of recommended products divided into age and gender categories maki...
03
|
May
|
Three Aberdeen legal firms merge to form all-service provider | MERGER
Three prominent Aberdeen legal businesses have merged to for...
03
|
May
|
BGF-backed asbestos services firm makes third acquisition | BUSINESS SALE
Environmental Essentials, a specialist asbestos services fir...
03
|
May
|
Logistics firm acquires pair of Derbyshire businesses | BUSINESS SALE
A logistics firm headquartered in Preston has acquired a pai...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.