Bradford metalworks closes after going into administration

Fri, 11 Aug 2017 | ADMINISTRATION

A Bradford metalworks company has been placed into administration at the cost of 28 jobs.

Sigma Technologies Limited, based at Kingsmark Freeway, Oakenshaw, entered administration on August 1 and closed completely six days later.

The firm, a subsidiary of Altec Engineering, is a specialist in the design and manufacture of automaton equipment, and in the production of high-precision components for several leading industrial markets.

The reason for Sigma's closure has been put down to excess capacity in the state-of-the-art production facility when faced with a decreased demand for precision engineering components.

Following the appointment of joint administrators, Altec’s engineering business and assets were sold to a management buyout (MBO) team.

Ronco Engineering, another Altec group company, was also sold to the same team in a solvent share transaction, and the combined deal saved more than 120 jobs in the North-East of England.

As a result, the performance of Altec Engineering has stabilised, while the sale of both businesses has allowed a new, smaller group of companies to find further investment and grow. However, Sigma Technologies was not part of this deal and has ceased trading.

Keith Marshall, joint administrator, said: “This was a challenging transaction to deliver within a tight timescale, but the deal will safeguard two regional businesses, and importantly, 120 jobs in the North-East.”

Sigma Technologies Limited in administration
Subscribe to Business Sale Report here.


Share this article



Latest Businesses for Sale

Natural Stone Supply Company: Sourcing/Processing/Distribution
Aberdeenshire, Scotland, UK

This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.

Asking Price: £1,050,000
Turnover: £1,100,000

RELOCATABLE


Precision Engineering Business
North West, UK

Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.

Asking Price: Offers Invited
Turnover: £400,000

LEASEHOLD


Accountancy Business
UK Wide

High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...

Asking Price: £1,300,000
Turnover: £1,300,000


View more businesses for sale

News Search

Latest News

 
20
 
Sep
 

Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE

Thomas Cook Group is reportedly trying to piece together a l...

 
19
 
Sep
 

Smith & Williamson and Tilney to merge | MERGER

After revealing in August this year that talks were in place...

 
18
 
Sep
 

Infrastructure investment manager takes stake in LJLA | BUSINESS SALE

Infrastructure investment management group, Ancala Partners,...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources