Deal saves 72 jobs at manufacturing firmSep 24, 2019
THE FUTURE of a manufacturing business in Luton is secure after the sale of certain business and assets to a newly formed company.
The acquisition of Toolspec Manufacturing Company from its administrators by the specially formed Fablink Toolspec Ltd has also saved 72 jobs.
Toolspec, established in 1961 as a toolmaker, has evolved to become an industry-leading specialist in tubular manipulation and complex welded assemblies. Its customers include JCB and Jaguar Land Rover.
Joint administrators Paul Flint and Mark Firmin, of professional services firm Alvarez & Marsal completed the sale to Fablink Toolspec Ltd, incorporated specifically for the acquisition of the business and assets of Toolspec Manufacturing Company Ltd and is part of the Fablink Group of companies, which is not connected to Toolspec.
Fablink Group managing director Richard Westley said: “Toolspec benefits from a near 60-year heritage and deep expertise in the production of specialist tube parts and assemblies.
“This acquisition strengthens our product and process offering, whilst also broadening our customer base. We look forward to working with the Toolspec team and our customers in continuing to develop and enhance the group’s value proposition and product portfolio.”
Mr Flint, who heads A&M’s Manchester office, said: “We have worked closely with all stakeholders to maximise value for creditors while also securing the future of a highly regarded manufacturing operation, including the job of every employee.
“We would like to thank the Fablink management team for their perseverance over the last few weeks in seeing this challenging deal through to completion.”