Metalliform Holdings, the Barnsley-based school furniture and stadium seating manufacturer, has acquired Chesterfield based outdoor play equipment manufacturer, Timberline, saving 45 jobs.
Sheepbridge-based Timberline called in administrators from Sheffield accountancy firm Hart Shaw after hitting financial problems in November.
Joint administrator and Hart Shaw business recovery and insolvency partner Christopher Brown said: “Following our appointment we continued to trade the business while we marketed it for sale.
“We are delighted that the sale of the business is now complete. This is a fantastic outcome for all stakeholders – employees and creditors – of the business and the acquisition by Metalliform has saved 45 jobs.”
Hart Shaw’s corporate finance team, led by Steve Bell, also helped to achieve the deal with Hoyland-based Metalliform, which employs 90 people, has a turnover of £8 million and has made furniture for schools, colleges and universities for more than 60 years.
Steve Bell said: “The underlying business of Timberline has strong brand recognition and we attracted a high level of reputable companies looking to secure the business.
“The nature of the administration was such that we had to react very quickly and were able to prepare the information pack and arrange site visits shortly after appointment with the result that the sale was completed within six weeks.”
Metalliform’s chief executive Peter Brier said: “Timberline is a business that has a good customer base and a skilled workforce.
“We are very pleased to have concluded this deal quickly as this presented the best chance to preserve jobs. There are good synergies between the two businesses.”