A Nottingham-based filter manufacturer has purchased the gas turbine making division of a counterpart that entered administration almost two months ago.
Champion Laboratories called in insolvency specialists from RSM Restructuring Advisory on 5 July 2016 after the US group that financially supported it filed for bankruptcy.
Micro-Mesh Filtration, which has been operating in Nottingham since 1968, had a long-standing relationship with Champion. It has purchased the company’s gas turbine manufacturing division for an undisclosed sum.
Graham Busby, RSM Restructuring Advisory partner, said: “The gas turbine business was an important part of the company’s operation. I am pleased we have been able to preserve value for creditors by selling part of the business as a going concern – allowing the company to continue to trade.
“The remaining assets, including plant, office furniture and equipment and stock will be sold at auction, which is likely to be held at the end of August.”
James Underwood, managing director of Micro-Mesh Filtration, added: “We look forward to working with the existing customers, as well as exploring some new possibilities.
“We feel that this new acquisition along with our existing range of hydraulic filters will enable us to offer a complete filtration package to customers saving them time and money.”
Article from Midlands Business Insider – 23rd August 2016