Partner Article

Jobs saved as Bradford Formula 1 supplier is bought out of administration

12 jobs have been saved at Bradford-based Unisurf Engineering Ltd after the business was bought out of administration by WM Hardill Ltd of Batley.

Established in 1972, Unisurf Engineering, specialises in the manufacture, production and renovation of components used in a range of sectors from Formula 1 to newspapers and sewage treatment.

Philip Deyes and Sean Williams of Leonard Curtis Business Solutions Group were the appointed administrators. The administrators affected a sale of the business and assets on 13 August 2014.bdaily

The continued funding provided by the Company’s invoice finance company, ABN Amro, allowed the Company to complete essential work in progress, allow continued payment of wages and other key overheads in order to facilitate a going concern sale.

The joint administrators were advised by Irwin Mitchell’s specialist Insolvency team on both the appointment and the sale of the business as a going concern.

Phil Deyes, joint administrator, commented: “Working closely with the secured creditors of the company, with specific assistance from ABN Amro in the provision of essential working capital to facilitate ongoing trading (in the lead up to the eventual sale), highly skilled jobs have been saved within a sector where finding alternative employment has been problematic.

“In addition, this going concern sale has secured a greater price for the business which will provide significantly improved returns to the Company’s creditors than would have been the case had the Company been forced to cease to trade.”

Tom Paton, a solicitor in Irwin Mitchell’s Sheffield-based Insolvency team who worked on the deal alongside the Administrators, said: “We are delighted to have provided support on this deal and helped achieve a going concern sale.”

This was posted in Bdaily's Members' News section by Clare Burnett .