Partner Article

ADM deal saves 67 jobs

A historic North East manufacturing firm has been saved from closure through the combined efforts of several regional organisations.

67 jobs have been saved by a management buyout at Newcastle-based Widney Pressings Limited, a deal which was helped by One North East, Muckle LLP, Tait Walker Corporate Finance and Barclays Commercial Bank.

Widney Pressings Limited of Newcastle, was placed into administration on 12 March following the deterioration of the automotive and construction markets it served and in light of the declining fortunes of its former group. However the core business was identified as being highly viable and the management team of Andy Wingfield, David Horn and Mark Thornton formed a new company, ADM Pressings Limited, to acquire the business and safeguard the jobs.

The original company has been serving the automotive sector in equipment supply and aftermarket services, dealing with clients such as Jaguar, Land Rover, Bentley, JCB and Caterpillar.

Andy Wingfield, managing director of ADM Pressings Limited, said: “Widney Pressings was a highly successful enterprise but key sectors of the company’s business were severely affected by the economic downturn. Some of Widney’s sister companies were hit much harder than we were but Pressings was identified as potentially having significant future viability based on supplying aftermarket and OE products to the automotive and construction industries.

“The collaborative support that ADM received from One North East, Barclays Commercial Bank, Muckle and Tait Walker was crucial and ensured a viable business was saved and prevented from suffering a catastrophic collapse.”

The teams involved worked solidly for over a week to successfully finalise the deal.

Steve Plaskitt, of Tait Walker, said: “We are delighted that Andy and the team were able to complete the job and secure 67 jobs for the company. Also, we must give a big thank you to One North East for the grant and loan funding they helped support the transaction with.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .