Management purchase saves 24 aerospace sector jobs
Washington, Wearside-based Washington Precision Engineering, a manufacturer of parts and subassemblies for the British aerospace industry that went into administration last month, has been successfully sold to Washington Technologies Ltd – a company set up by two members of the former management team. The business was sold as a going concern preserving 24 jobs. As part of the sale, the buyer acquired the benefit of uncompleted work in progress.
The company, one of whose key customers was Magellan Aerospace, a leading global supplier of aerospace systems, has a strong profile in the North East, typically recording annual sales of between £1.5 million and £2.2 million.
Mark Ranson and Phil Pierce, partners at Baker Tilly Restructuring and Recovery, were appointed Joint Administrators on 7th January 2011 to the business. Commenting on the sale, Mark Ranson (pictured) said he was pleased to have concluded the sale so rapidly. "The company has an excellent reputation and it is great that the new owners will continue to trade and build upon that reputation. It is an added bonus that all jobs remained intact as part of the sale."
