Jobs saved as engineering company is bought out of administration

Multiple jobs have been saved after a Swindon-based engineering company, which provides services to industries including motorsports, medical and power generation, has been bought out of administration, a news report suggests.

Old Town Engineering suffered financial difficulties following the loss of a key customer. It has now been bought by OTE Welding and Fabrications Ltd, a company controlled by the former directors. A pre-pack deal was deemed to provide the best chance of preserving the business and employee jobs.

Sam Talby, Mark Phillips and Julie Swan of PCR (London) were appointed as joint administrators of Old Town Engineering Company Ltd on 22 August 2016.

Julie Swan, partner at PCR, said: "The loss of a major customer earlier this year led to financial difficulties because staff and other overheads were excessive for the reduced workload which led to three redundancies.

"Unfortunately the company were unable to add new business quickly enough and hence the administration. The company has now been sold which has saved the remaining 18 jobs."

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