A Kingston upon Hull-based rail and transport manufacturing firm has been sold out of administration via a pre-pack deal.
Hull Forgings Ltd. entered administration on 7 February, with Keith Marshall and Willie Duncan of Baker Tilly appointed as joint administrators.
A sale of Hull Forgings’ business and assets was completed the day administrators were appointed via a pre-pack arrangement to Henry Williams Limited.
All 26 Hull Forgings employees have been transferred to the new owner.
Marshall, partner at Baker Tilly, said: “The sale represents a good outcome for the majority of the company’s stakeholders and ensures a traditional manufacturing business in Hull now has better prospects than the alternative of liquidation and immediate closure, which it would definitely have faced if a buyer had not been found.”
A statement from administrators detailed that there were “numerous interested parties”, as “it was widely known within the forgings industry and supply chain that the business was experiencing difficulties and that a pre-pack sale was being pursued”.