Member Article

Accountancy firm saves 163-year-old manufacturing business

North West accountancy firm Mitchell Charlesworth has helped to save 16 jobs at a historic manufacturing business after securing its sale out of receivership.

Jeremy Oddie, Paul Palmer and Julie Beavis, all of Mitchell Charlesworth Chartered Accountants and Business Advisors, were appointed joint administrative receivers of Salford-based William Eagles Limited on 23 October 2013. Mitchell Charlesworth has offices in Manchester, Liverpool, Chester, Warrington and Widnes.

The 163-year-old business is a specialist manufacturer of fire fighting equipment and assembly of pressure regulating valves for marine, petrochemical and offshore applications.

The company manufactures to its own design and specifications and is recognised as a world leader in the manufacture of pressure regulating hydrant valves in highly corrosive resistant, and exotic, alloys.

The joint receivers have traded William Eagles, which was founded in 1850, since their appointment last year and secured a sale of the business and assets on 5 February 2014 to Wrekin Shell Mouldings Limited.

Based in Telford, Shropshire, Wrekin Shell Mouldings is a foundry producing complex castings using the highly specialised shell moulding process.

The new business will trade as Wrekin Shell Mouldings Limited incorporating William Eagles.

Jeremy Oddie, Joint Administrative Receiver and partner at Mitchell Charlesworth, said: “I am pleased to announce the sale has not only saved 16 jobs in the Salford area but has also secured the future of a long-established business.

“It is a major accomplishment to secure a buyer for the business in what has been a difficult sector for many years. We wish the team at William Eagles and their new owner, Wrekin Shell Mouldings, the best of luck in the future following the buyout deal.”

Paul Palmer, joint administrative receiver and Associate with Mitchell Charlesworth, was responsible for the ongoing trade.

He added: “I would like to thank all the current staff of William Eagles for their continued support and hard work through these difficult times. Without them, the business could not have continued to trade and a successful purchaser been found.”

This was posted in Bdaily's Members' News section by Simon Malia .