Reviewed: 24th August 2016
A gas turbine business based in the town of Mansfield in the East Midlands has been sold out of administration and acquired for an undisclosed sum.
The business was previously part of a company called Champion Laboratories which called in administrators after being left unable to remain operational in the early part July 2016.
Entering administration became necessary for the company after it was left without the financial backing of an American partner whose support it had been reliant upon.
The American operator itself entered chapter 11 bankruptcy in the US shortly before Champion Laboratories called in administrators and effectively declared itself insolvent in the UK.
But despite its financial difficulties, Champion Laboratories’ gas turbine manufacturing operation remained a viable business and an asset deemed potentially sellable by the company’s appointed administrators.
In recent days, the business was acquired by Micro-Mesh Filtration, which is based in the nearby city of Nottingham and makes a wide range of different filtration products designed for various industrial purposes.
Indeed, Micro-Mesh claims to be among the leading companies of its kind currently operating in the UK and it has been expanding the scope of its operations considerably in recent years.
Champion Laboratories’ administrators are convinced that the sale will prove a good fit for Micro-Mesh as it aims to increase its market share and its presence in the UK.
James Underwood, Micro-Mesh Filtration’s managing director said of his company’s recent acquisition: “We look forward to working with the existing customers, as well as exploring some new possibilities.
“We feel that this new acquisition along with our existing range of hydraulic filters will enable us to offer a complete filtration package to customers saving them time and money.”
“The gas turbine business was an important part of the company’s operation,” added one of the administrators appointed to manage Champion Laboratories’ affairs.
“I am pleased we have been able to preserve value for creditors by selling part of the business as a going concern - allowing the company to continue to trade.
“The remaining assets, including plant, office furniture and equipment and stock will be sold at auction.”
With 76 offices across the UK, you’re never far away from expert and confidential advice.