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Norton Aluminium rescue deal saves 65 jobs
Edited by : AL CIRCLE
1 min read
Cannock-based Norton Aluminium has been bought out of administration, saving the jobs of the 65-strong workforce.
Andrew Haslam, Gerald Krasner and Gary Lee of Begbies Traynor were appointed as joint administrators of NAL Realisations (Staffordshire) Ltd, which traded as Norton Aluminium, on 18 September 2012.
The manufacturer of high-grade aluminium foundry alloys serves the automotive and aerospace industries.
Joint administrator Andrew Haslam said: "Unfortunately, the business had been targeted by a firm of 'no-win-no-fee' solicitors representing local residents in respect of a claim of nuisance caused.
"The company subsequently lost the court case resulting in a significant claim being made against it and placing it in an untenable position."
The directors sought advice from Begbies which subsequently marketed the company.
On 18 September, the joint administrators completed a deal for the sale of the business to a new company, Norton Aluminium Ltd, led by former managing director Henry Dickinson.
Haslam added: "The swift sale of the business has not only rescued the jobs of its 65 staff, but also ensured that supplies to major customers continue, giving the business a bright future."
Andrew Haslam, Gerald Krasner and Gary Lee of Begbies Traynor were appointed as joint administrators of NAL Realisations (Staffordshire) Ltd, which traded as Norton Aluminium, on 18 September 2012.
The manufacturer of high-grade aluminium foundry alloys serves the automotive and aerospace industries.
Joint administrator Andrew Haslam said: "Unfortunately, the business had been targeted by a firm of 'no-win-no-fee' solicitors representing local residents in respect of a claim of nuisance caused.
"The company subsequently lost the court case resulting in a significant claim being made against it and placing it in an untenable position."
The directors sought advice from Begbies which subsequently marketed the company.
On 18 September, the joint administrators completed a deal for the sale of the business to a new company, Norton Aluminium Ltd, led by former managing director Henry Dickinson.
Haslam added: "The swift sale of the business has not only rescued the jobs of its 65 staff, but also ensured that supplies to major customers continue, giving the business a bright future."
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