Plastic Engineering (Leamington) Limited, the Warwickshire based company which specialises in precision injection moulding of thermoplastics, has successfully come out of administration, saving 101 jobs and the future of the business.
Geoff Rowley and Gerald Smith, Client Partners from Vantis Business Recovery Services (BRS), a division of Vantis, the UK accounting, tax and business advisory group, were appointed as Joint Administrators on 2 September 2009.
The Administrators successfully traded the company whilst marketing it to a number of interested parties. The best of three offers was accepted and the sale completed on 21 October 2009, when the new owners, Urbis Canalside (Lease) Limited took over full control of the business.
Commenting on the case, Geoff Rowley said: “We were able to continue trading the business at a level where future losses were minimised. During this time we were able to develop a strategy for the sale and the future of this company is now looking prosperous, which is not only good for local staff but also the industry. We would wish to express our thanks for the support provided by staff, customers and suppliers during the administration.”