Directors buy steelwork firm out of administration

Aaron Morby 11 years ago
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Merseyside steelwork and metalwork contractor Shawton Engineering has been rescued from administration saving 33 jobs.

The Newton-le-Willows firm was founded in 1986 and provides fabrication of structural steelwork, architectural metalwork and specialist stainless steel pressure vessels for the nuclear and pharmaceutical industries.

But three weeks ago administrators from London accountancy firm Shipleys were called in after the downturn in construction tipped the firm over the brink.

Now the firm’s former directors Graham and Janet Shaw have bought the assets of the failed business through their company Hilcroft Developments West Lancs.

The administrators said the sale consideration, which included the goodwill of the business, was considerably in excess of an independent valuation and enabled the secured creditors to be paid in full.

A spokesman for Shipleys said: “The business has retained its skilled workforce and is in a position to continue to trade with the good name for manufacturing that it has built up in the industry over the last 25 years.”

Hilcroft Developments West Lancs has since changed its name to Shawton Engineering in order to benefit from the “existing relationships and reputation”.

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