Thu, 05 Feb 2015 | BUSINESS SALE
Versarien PLC says that it has acquired aluminium manufacturer Custom Systems Ltd out of administration.
The deal for the Bristol-based firm includes an initial cash consideration of £206,000 for the firm and a number of assets. The manufacturer of extruded aluminium products and heat sinks for electronics and computing industries began experiencing financial difficulty when turnover on customer contracts dropped.
Custom Systems' directors then sought professional advice from Dean Nelson of Midlands-based accountancy and business advisory firm, Smith Cooper.
The sale to Versarien Technologies Ltd, a subsidiary of Versarien PLC, has meant that future customer orders can be honoured, and saved the jobs of 23 staff members.
Custom System reported sales of £3.6 million in the year ending 31 December 2014, but operating losses for the same period totalled £187,000. Around 60 per cent of sales came from aluminium extrusions and heat sink products.
Neill Ricketts, Versarien CEO said: "This is an important acquisition which fits well with our strategy to provide customers with a range of standard and customer specific thermal products, including our patented porous metal foam technology.
“Our further aim is to preserve the maximum number of jobs we can and we look forward to welcoming our new colleagues into the team and sharing our expertise and industry knowledge. CSL’s customers can be assured of a continuation of the high level of service they have come to expect, as well as the opportunity to access an expanded range of products.”
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