Joint administrators at Leonard Curtis Business Rescue & Recovery today confirmed that a pre-packaged sale of Sheffield-based Atkinson-Walker (Saws) Limited had been completed, safeguarding 13 jobs.
Atkinson-Walker (Saws) Limited is primarily involved in the manufacture and reconditioning of saw blades for the wood, metal, aluminium and plastics industries.
Sean Williams and Richard Pinder of Leonard Curtis Business Rescue & Recovery were appointed joint administrators on 2nd February 2018.
Sean explained the process to sale: “The business suffered losses as a result of ongoing pressures on profit margins and an increase in costs.”
“The directors had made attempts to rectify the issues faced with various cost-cutting measures and the introduction of personal funds to aid working capital.
“Whilst the turnaround strategy was taking place the directors also engaged a number of interested parties to explore a share sale. There were a number of potential purchasers, however, the financial position of the business at this time dictated that a solvent share sale was no longer an option.”
He added: “Pressure on working capital continued to increase during this period and legal action was threatened by creditors.”
At this stage the directors concluded that to preserve the business as a going concern the moratorium of a proposed administration was to be considered. It was whilst this moratorium was in place that the proposed joint administrators received an offer for the business and assets of the company from an unconnected 3rd party.
The offer was considered and accepted enabling the business to continue as a going concern and safeguarding 13 jobs.
Sean confirmed: “A pre-packaged sale was completed to the 3rd party immediately upon our appointment as joint administrators.”
Leonard Curtis Business Rescue & Recovery is part of the Leonard Curtis Business Solutions Group.
For further media information, please contact Karen Winstanley or Sue Souter at Souter PR on 01625 839 319 or email firstname.lastname@example.org / email@example.com
Back to updates