Wed, 28 Aug 2013 | BUSINESS SALE
Railcare has been sold out of administration to German business, Knorr-Bremse Rail Systems (UK) Limited.
BDO were appointed to handle the administration earlier this month, with both the Springburn, Glasgow and Wolverton, Milton Keynes bases of the company affected. However, the sale will ensure that both sites continue to operate and, although some jobs have already been lost, at least 200 skilled positions will be preserved.
Kim Rayment, business restructuring partner with BDO, said that the sale has been a “very positive outcome for the business”. He added: “The sale of Railcare's business and assets to Knorr-Bremse will secure a future for the business and jobs.
"Under the conditions of the sale Knorr-Bremse has agreed to pay retained employees their July salaries, which Railcare was unable to provide before it entered administration. Current employees will therefore be paid for all work they have done to date.”
Business Secretary Vince Cable welcomed the news, adding that he will be looking to hold discussions with the new owners to “get a better understanding” of their long term plans for the company.
Railcare operates incident teams that repair damage to rolling stock for UK train fleets. The company's services include carpentry, machinery, fabrication and welding as required. It entered administration as a result of difficult trading conditions which significantly affected business as demand for its services fell.
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Related information:
Buyer sought for train repairer railcare
Government puts old London Tube station up for sale
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