A 163-year old manufacturing business in Greater Manchester has been sold out of receivership, preserving the jobs of 16 staff.
Based in Salford, William Eagles Limited manufactured fire-fighting equipment and assembled pressure regulating valves for marine, petrochemical and offshore applications.
Jeremy Oddie, Paul Palmer, and Julie Beavis, of Mitchell Charlesworth Chartered Accountants and Business Advisors, were appoint joint administrative receivers to the business on 23 October 2013.
Having continued to trade William Eagles, the joint receivers secured a sale of the business and assets to Wrekin Shell Mouldings Limited on 5 February 2014.
Telford-based Wrekin Shell Mouldings is a foundry which produces complex castings using the highly specialised shell moulding process.
The business will trade as Wrekin Shell Mouldings Limited incorporating William Eagles.
Jeremy Oddie, joint administrative receiver and partner at Mitchell Charlesworth, said: “I am pleased to announce the sale has not only saved 16 jobs in the Salford area but has also secured the future of a long-established business.
“It is a major accomplishment to secure a buyer for the business in what has been a difficult sector for many years. We wish the team at William Eagles and their new owner, Wrekin Shell Mouldings, the best of luck in the future following the buyout deal.”
Paul Palmer, joint administrative receiver and associate with Mitchell Charlesworth, said: “I would like to thank all the current staff of William Eagles for their continued support and hard work through these difficult times.
“Without them, the business could not have continued to trade and a successful purchaser been found.”