Derby steelwork contractor Robinson Structures has been sold in a pre-pack administration saving 68 jobs at the stricken firm.
It remains a mystery who has bought the assets of the third-generation steelwork contractor which was set up in the 1950s.
According to a source the buyer does not want to be identified at present.
Administrator PKF Smith Cooper said the Robinson had experienced loss-making periods prior to March 2019 and from the second quarter of 2020, exacerbated by Covid-19.
This significantly reduced orders and despite a cost-cutting exercise saw the firm fall back into loss.
Dean Nelson, Head PKF’s Business Recovery and Insolvency division, became involved initially to review the financial position and options for Robinson, following the removal of its insured credit limits with its key suppliers.
This resulted his team being instructed to undertake an accelerated merger and acquisition process to try and identify a buyer for Ronbinson.
Immediately on appointment as administrator, some of the assets of the business were sold via a pre-pack that included the retention of 68 staff.
Dean Nelson said: “I am pleased that we have managed to secure the sale of the majority of RSL’s assets, saving jobs in the process.
“It has been a very difficult time for the company and its management, compounded by various external factors and commodity price increases.”
“It’s a sad day for the Robinson family, but we are thankful that jobs have been saved and the state-of-the-art production facility remains both intact and operational.”
Did you miss our previous article…