The future is looking bright for Barrow engineering firm Joss Engineering (Barrow) Limited after a deal was completed on 17 May 2019 in which the company purchased the business and certain assets of Joss Engineering Limited from its joint administrators, Ian McCulloch and Dean Watson of Begbies Traynor.
Mark Hague of Farleys’ insolvency and restructuring team was instructed to make an administration application on behalf of Joss Engineering Limited’s director, Russell Richards and following the successful application, a pre-pack sale to Joss Engineering (Barrow) Limited was completed which safeguards the business and preserves the jobs of all 20 employees.
The transaction will bring a new era to the long established engineering firm and will see former key employees taking control of the business going forwards.
Mark Hague commented,
It was great to work alongside Russell and the directors of Joss Engineering (Barrow) Limited on this application and on the transaction. It is always pleasing to see a family business come out the other side of difficult trading conditions and be able to move forwards in a positive way that preserves the jobs of all employees.
The joint administrators were advised on the application and the transaction by Sebastian Lang of Knights plc.
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