Do you do business in your region? Sign up to our daily bulletin to keep up-to-date.
30 jobs saved at Birkenhead engineering firm Senar Precision
Posted by Richard Bell on 17 Feb 2017
The business and certain assets of Senar Precision Engineering Limited have been sold out of administration, safeguarding 30 jobs at the Birkenhead-based company.
Ben Woolrych and David Acland, partners at FRP Advisory, secured the deal with Engineering Solutions Group UK Ltd, the parent company of Deeside-headquartered GJM Engineering.
Following the transaction, Senar Precision’s new owners confirmed plans to continue trading from its existing facility on Cleveland Street.
Senar Precision boasts a global blue chip client base, but faced pressure on its cashflow due to long-term losses experienced at its smaller plant refurbishment division, which is based on Brook Street in Birkenhead.
As a result of the fiscal difficulties, its directors made the decision to restructure, seeking new investment for each division.
Senar Precision received competing offers for its core precision engineering division, but no buyers approached for the firm’s the Brook Street arm.
FRP Advisory, which was appointed as joint administrator on February 3, immediately secured a deal for the Cleveland Street premises but said it was left with “no alternative” other than closing down the plant refurbishment division.
All seven staff at the Brook Street facility were made redundant.
FRP Advisory’s Ben Woolrych said: “We are pleased to have secured new investment to allow for a continuity of trading for Senar Precision’s core precision engineering business under new ownership.
“The arrival of Engineering Solutions Group UK is good news for the Birkenhead economy and gives the best possible sign for the future of skilled British precision engineering."
GJM Engineering director Paul Pheasey commented: “We are pleased to welcome Senar’s Precision’s engineering division to the Engineering Solutions Group and as part of a larger group at Engineering Solutions we aim to continue serving the businesses’ array of loyal customers with the high quality, skilled production they have come to expect over the years.
“Senar Precision is a strategic acquisition to complement the capacities & capabilities already on offer at GJM Engineering and we can now confidently offer a full turnkey engineering solution.“
He continued: “With a skilled workforce, experienced in offering a high precision CNC machining service together with tool room skills for the production of prototypes and sub-assemblies, there are obvious synergies between the two businesses and this acquisition fits in well with our growth ambitions and our existing client base across multiple sectors across the UK."