Wed, 10 Jul 2013 | ADMINISTRATION
Metal steel fabrication firm HQC Sheet is to be purchased out of administration by a2e Venture Catalysts.
HQC had been marketed for a sale over recent months, before being placed in the hands of administrators yesterday, 9th July. A2e then targeted the business, with a view to continue its buy and build strategy for one of its existing portfolio businesses.
HQC manufactures metal steel fabrication and precision components from its base in St Helens, Merseyside, with 46 staff - who are mostly to be retained by the new owner.
Delivering its products across the world, HQC counts Nexans, Siemens and Tyco Electronics among its customers and supplies to the global technology and medical sectors.
Ben Woolrych and Russell Cash of FRP Advisory were brought in to act as the administrators yesterday.
Mr Woolrych said: “We are delighted to have secured the future of this long-standing business and the employment of most of its staff. We wish the purchaser and everyone involved with the business continued success in the future.”
A2e invests in manufacturing companies that are established, yet poorly performing, and companies planning for rapid growth.
HQC had previously been sold to a buy-in team, headed by managing director Eoghan McTiernan and operations director Peter O’Neale, in March 2011. The business had 60 staff and a £4 million yearly turnover at the time.
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