Micro-Metalsmiths out of administration

The sale of Kirkbymoorside-based Micro-Metalsmiths — founded in 1964 and a manufacturer of products for the defence, aerospace and medical industries — has been completed by Hunter Kelly and Charles King of EY Restructuring’s Yorkshire office.

The joint administrators sold the family-run business to the German firm Sylatech in a deal that saved all 81 jobs; they also sold Sylatech the entire share capital of MM Microwave, which was owned by Micro-Metalsmiths; this secured 30 jobs.

Mr Kelly said: “Due to challenging trading conditions and a large pension-scheme deficit, Micro-Metalsmiths was running out of cash. The directors began to look for potential buyers, but the company was unable to meet its debts and went into administration. We were able to secure a ‘going concern’ sale to Sylatech, which has safeguarded the future of all 111 employees at Micro-Metalsmiths and MM Microwave.”