Over 100 workers at the West Midlands composites manufacturing company Bi Composites have received some good news for the new year.
The assets of the company have been sold to Linecross Ltd and has been renamed to Linecross Composites Ltd. Joint administrators Brian Hamblin, Craig Povey and Kevin Murphy from national accountancy firm and corporate recovery specialists Chantrey Vellacott DFK, had been running the business since November while they managed the sale.
Mr Hamblin said the administrators were delighted to secure a sale within weeks of their appointment and to be able to advise the 120 employees their jobs had been secured. One of the major factors in the business going into administration was due to the company being saddled with a defined pension scheme deficit of more than £4m, however The underlying business was still profitable.
Linecross has been established for over 40 years and is a manufacturer of engineered thermoforming and polyurethane components. The company is based on a 5 acre site in Rutland, Leicestershire.