Jobs saved in rescue deal for Sheffield tools firm
A liquidated Sheffield tool repair company has been rescued - and the employees are returning to work.
Wetherby firm Northern Tooling Reclamation and two family investors snapped up Numill - acquiring assets and taking out a lease on the premises on Balaclava Road, Philadelphia.
It is a stunning turnaround after the lossmaking 10-strong business called in liquidators at the beginning of the month. It went bust owing £642,000 to 109 creditors.
Martin Allison, chair of Northern Tooling Reclamation, said Numill’s technical people and its overseas network of sales agents were a fantastic fit.
They planned to put “substantial” sums in as loans and working capital with the aim of upgrading machinery and growing exports.
He added: “We are buying it to build it. This is about helping Numill staff do a great job. I’m proud to have kept the jobs and hope it will go from strength to strength.
“The more ‘Brexports’ we can do the better.
“The two firms are totally synergistic. Numill has great technical people and the firm does more new, bespoke tool manufacturing than we do. It makes complete sense for us to work together.”
Mr Allison said they had been monitoring Numill for two years and it was a key target. But despite expressing an interest numerous times nothing happened.
NTR now owns half of the business with Andy and Rebecca Allen, directors of Straaltechniek in Sheffield, owning the other half, he added.
Numill has clients in Europe, Scandinavia, Singapore and Malaysia while UK clients range from small engineering firms to blue-chip companies.
Mr Allison did not comment on the future of former boss Anne Wilson.
Adrian Graham, of Graywoods insolvency practitioners, said the firm had been in a company voluntary arrangement with creditors and was running at a loss.
Payouts to unsecured creditors would be “minimal.”
He added: “I’m very pleased to get the deal done. It was a good result, particularly if the employees get their jobs back.”