Textile machinery company Cobble Blackburn Limited has been sold in a pre-pack deal to Belgian group Van de Wiele.
The sale is expected to safeguard approximately 120 jobs at Cobble, which produces tufting machines used by carpet manufacturers worldwide.
Fiona Rae and Chris Wood of Clough Corporate Solutions, part of accountancy firm Clough & Co, were appointed as joint administrators.
Wood said: “Cobble has a loyal workforce and a worldwide customer base but cash flow problems were placing it under significant pressure. This acquisition, by a global giant in the carpet machinery market, was a complex deal and the outcome has saved jobs on three continents.”
Van de Wiele’s acquisition of all assets of Spencer Wright Industries Group includes Cobble Blackburn, the largest arm of the Cobble group.
Cobble, originally established in 1955, will now trade in the UK as Cobble – Van de Wiele Limited and will be headed by incumbent managing director, Jason Kent.
Kent said: “Cobble can now look forward to an exciting future as part of a global organisation that complements it perfectly with minimal product overlap.”
The most recent figures show the Blackburn arm of the company, which also has branches in the US and China, made a loss of £217,495 on sales of £13,805,001 in 2011.
New owner Van de Wiele manufactures high-speed carpet and velvet machines, yarn extrusion machines and electronic Jacquard machines. The group employs over 2,500 staff and generates annual turnover exceeding £500m.