Laser Shapes out of administration

Posted on 21 May 2017 and read 1199 times
Laser Shapes out of administrationThe 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.”

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