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

Provider of Fabrication Services
North East, UK

Provides a range of fabrication services, manufacturing specialist components for a diverse client base. Each process is overseen by the business, including design, project management and installation. Offered for sale to facilitate growth under the...

Asking Price: Offers Invited
Turnover: £3,100,000

LEASEHOLD


Refrigeration Solutions Company (Fast Sale)
North of England, UK Wide

Indicative offers are required by close of business Friday 3rd April. The Business is able to produce cost effective robust solutions to companies predominately within the food and drink industry. Established refrigeration solution business. Strong y...

Asking Price: Offers Invited
Turnover: £300k - £1m

Educational Workshop Machinery Design, Supply & Installation
UK Wide

The business is a very well-established supplier to into the Education Sector, with additional links to The Prison Service, Hospitals, Theatres and Care Homes, all providing excellent opportunities for growth. Offers invited.

Asking Price: Offers Invited
Turnover: £1,600,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
Mar
 

Addison Lee acquired by consortium of investors | BUSINESS SALE

Addison Lee Group, London’s biggest private care hire ...

 
26
 
Mar
 

Leicestershire building products firm enters administration | ADMINISTRATION

Leicestershire-based System Building Products Limited has en...

 
25
 
Mar
 

Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE

Icelandic-owned UK women’s fashion retailers Oasis and...

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