Almost 70 jobs have been saved after a buyer was found for Tanfield Engineering Systems Ltd.
A total of 68 roles are being retained from the Tanfield Group division’s 97-strong workforce under the new ownership of heavy transport industry manufacturer Tinsley Special Projects Ltd, which has premises in Eagescliffe and Peterlee in County Durham.
Tanfield Engineering Systems Ltd was placed into administration in November last year after posting losses of £732,000 for year ended December 31, 2012.
The recovery and insolvency team at RMT Accountants and Business Advisors was appointed as administrators, with a view to trading the business to protect its substantial debtor book, marketing it and attempting to sell it as a going concern. Interest was shown by a number of potential buyers.
A spokesperson for Tinsley said: “The synergies that lay within Tanfield Engineering Systems made it an excellent fit with our existing portfolio of operations, and this strategic acquisition has developed an even stronger overall client offering and indeed client base. The RMT team were very proactive in ensuring that the Tanfield business remained a viable going concern, and their support in reaching a successful conclusion to this process has been invaluable.”
Linda Farish, head of recovery and insolvency at RMT, added: “We had a lot of interest in taking on the business from a number of different parties, and conducted visits to Tanfield’s premises with several of them to help identify the most appropriate buyer.
“Tinsley Special Projects offered the best option for the transaction, and we’re very pleased that an agreement has been reached with them. Being able to retain more than two-thirds of the existing Tanfield Engineering Systems workforce is a terrific outcome.”