Reviewed: 24th October 2016
A Yorkshire-based company called Alatas Engineering Limited has been acquired out of administration after it fell upon difficult times from a cash flow point of view in recent months.
The business has previously traded as Micron Precision Engineering, having been founded in 2000, and is a leading provider of mechanical engineering services and products involving hydraulics.
Julian Pitts and Nick Reed of Begbies Traynor were appointed as joint administrators of the company after it was entered into administration on September 27th 2016.
The administrators have said that a “number of exceptional circumstances” led to a situation in which Alatas needed to be entered into administration, with the downturn in the UK’s oil and gas sector cited as an important factor contributing to its recent financial problems.
However, following an accelerated marketing process, new buyers were found, with the business and its assets being transferred to the ownership of Alatas UK Limited in recent days.
The deal is said to have secured a total of 16 jobs at the business, which is based close to Bradford and has been able to report annual turnover figures worth roughly £1.5 million in recent years.
Facilities operated by the company include a sizable and well-equipped workshop from which its staff have been able to carry out various relevant manufacturing, machining and fault diagnostics processes.
The company has been based in the village of Low Moor in south Bradford for a number of years and has long specialised in repairing and testing industrial pumps, motors and actuators.
“Unfortunately, Alatas was a victim of unforeseen changes in market conditions,” explained Julian Pitts from Begbies Traynor, one of the joint administrators, in a statement.
“However, with its strong reputation within the sector as a one stop shop for engineering and hydraulic repairs, we were confident that it had a viable future.
“Having undertaken an accelerated marketing process, we were swiftly able to conclude a sale which not only enabled the business to continue to trade, so saving jobs and contracts for suppliers, but also realised the best return for creditors.”
We have an extensive network of 75 offices offering confidential director support across the UK.