200 engineering jobs saved in major buyout
AHISTORIC Birmingham company has been bought out of administration by listed group Speedy Hire.
More than 200 jobs have been saved as a result of the undisclosed deal to acquire lifting equipment firm Lloyds British Testing, whose roots date back more than two centuries.
Administrators from financial services firm PwC were appointed to the Sutton Coldfield company in November after it suffered from a decline in overseas markets and oil and gas price volatility alongside the cost of consolidating and restructuring UK operations.
Lloyds British Testing specialises in the inspection, certification and repair of lifting equipment while Merseyside-based Speedy Hire runs a nationwide chain of shops renting out industrial equipment.
Alongside its headquarters, Lloyds British Testing operates around a dozen further sites across the country where it also offers training services and manufactures lifting equipment.
PwC has continued to trade the business since its appointment last month and no jobs have been lost following the buyout by Speedy Hire.
Joint administrator Mike Denny said: “The last three weeks since our appointment have seen an intensive period of activity, culminating in the sale of the company’s business and assets to Speedy Hire and the preservation of around 200 jobs.
“Lloyds British Testing was facing severe cash flow pressures and, having run out of alternative options, was forced to seek the protection of administration. On appointment, we initiated an urgent search for a buyer while working with the company’s key stakeholders to allow us to continue to trade the business.
“We are delighted with the outcome that has been achieved which will provide much needed stability for customers, suppliers and employees alike.”
Lloyds British Testing can trace its birth back to 1812 when Staffordshire Public Chain & Anchor Testing Co. was formed by formed by the Association of Wrought Iron Chain Manufacturers to standardise the quality of production of chains and anchors.
Lloyds Register of Shipping supplied a superintendent who had the authority of works manager.