Rescue Deal Saves 80 Jobs at Engineering Firm
More than 80 jobs have been saved following a rescue deal for a St Helens-based mechanical and electrical engineering specialist.
Cross Services Engineering, which employs 120 people, slid into administration over two weeks ago. Simon Chandler and Philip Lyon from the Nottingham office of accountancy firm Mazars were called in on June 11 to act as administrators.
The Sutton Road-based firm was established in 1988 and at its peak built up to an annual turnover of about £13 million. Boulting Group, which has headquarters in Warrington, has bought certain assets of the business from the hands of administrators.
The move will save 83 jobs.
Mike Groarke CEO of Boulting commented: "The industry in which the company operated has suffered because of the economic downturn and as suppliers of electrical and mechanical engineering they were intrinsically linked to the savage market conditions of the construction sector. However, the company had built up a very good reputation with a number of blue chip industrial clients, which we have managed to secure and in doing so we have saved the jobs of 83 long serving and highly skilled staff and we are confident we can build on this platform for future success."