The laser cutting subsidiary of a metal-fabrications company based in Blackburn has been bought out of administration securing 29 jobs, although 22 other workers have been made redundant.
Laser Shapes (UK) (
www.lasershapes.co.uk), which had an annual turnover of around £4 million, suffered cash-flow difficulties as a result of higher-than-expected costs relating to a recent move to bigger premises, as well as a downturn in the industry that affected margins.
Lindsey Cooper and Jeremy Woodside of RSM were appointed joint administrators on 27 April.
The laser cutting division has now been sold to a newly incorporated company — Laser Shapes (NW) — owned by the existing management.
Ms Cooper said: “This sale has allowed the business to continue to trade, it has secured 29 skilled jobs and delivered the best-possible outcome for creditors in the circumstances. The administrators will now continue to maximise realisations from other assets for the benefit of creditors.”