Around 70 jobs have been saved at a Plymouth-based manufacturer of aircraft components, following a company voluntary arrangement (CVA).
Business-recovery practice Lameys secured approval from the creditors of Hymec Aerospace UK Ltd on 12 October. The company lost a major contract to a lower-cost country. As a result, its order book fell by more than 40%.
Lameys said that the business had been restructured to deal with the reduced order book, and the company “still has a bright future. While there have been some job losses, the CVA means that it can avoid liquidation and save jobs.”
Hymec was established in 1978 and has sites in the USA and Thailand, as well as its Plymouth headquarters. Earlier this year, the company received funding through the sixth round of the Regional Growth Fund programme.