Redundant workers saved by new buyer
ENGINEERING workers at an Exhall company who were made redundant when it went into administration are celebrating getting their jobs back after a buyer was found for the business.
More than 30 highlyskilled staff endured a week of turmoil after they were made redundant by administrators RSM from PowerKut, a family-owned company based on the Bayton Road Industrial Estate.
The firm, which also has an operation in Birmingham, designs and manufactures products for a wide range of industry sectors - including automotive and aerospace.
It blamed its closure on funding problems.
Despite making staff redundant RSM said it believed there could be potential buyers for the business and in the event 26 interested parties came forward.
Metrology Quality Services (MQS) eventually succeeded in purchasing the assets of PowerKut, along with its intellectual property rights and trading names.
MQS is a Stevenagebased gauging company, which is part of Irish firm HW Machine Tools, owned by Richard Hayes.
It is believed PowerKut’s reputation across a range of industry sectors for the specialist parts it designs and manufactures led to the string of interested buyers approaching RSM.
MQS, led by Paul Bexon, said it “saw the huge potential” of the business and “the highly skilled workforce it employed locally” and bought PowerKut’s assets for an undisclosed sum.
MQS subsequently offered almost all the former PowerKut employees jobs in the new company and has also pledged to continue to invest in and grow the business in Coventry and Birmingham.
Welcoming the move, Peter Everitt former managing director of PowerKut, who has also been taken on in a sales role by MQS, said: “As a business PowerKut was a profitable group and was operating at the top end of the engineering spectrum making parts and prototypes for customers as diverse as CERN in Switzerland.
“It was only due to difficulties with one funder that we closed.
“It pleases me greatly that MQS and HW Machine Tools have seen the huge talent in the business and this region of the UK and I’m sure that PowerKut and its employees under their leadership will flourish and continue to push the boundaries of engineering worldwide and help to put Coventry firmly back on the international map of engineering.”
PowerKut specialises in tooling, gauging and machined components products for the mining, rail, construction, aerospace, automotive, marine, defence, nuclear, plastics and general engineering sectors.
Its customers include Westland Helicopters, the Ministry of Defence, Alstec and BP.
Verity Perkins, Peter Everitt and Joe Morris