Forty jobs safeguarded (From Warrington Guardian)

Forty jobs safeguarded

WORKERS are celebrating this week after hearing that their long-standing pump-making business has a new owner.

A total of 40 jobs have been saved at a Congleton firm after it was bought by a private investor.

Graham Precision Pumps was placed in receivership in March, since when receivers Begbies Traynor have been seeking a buyer for the business.

"We're absolutely thrilled that we were able to find a buyer for the business," said Paul Stanley, senior partner at Begbies Traynor's Manchester office.

"This deal will secure the future of the company, which is a leader in its field, and the jobs of its 40 staff.

"We wish it every success in the future."

The receivers announced the news this week that the company had been sold to a private investor for more than £1.5 million.

Mr Stanley said the company, which had a turnover of £5 million, ran into difficulties earlier this year when several large contracts were delayed.

The company was established almost 60 years ago, and manufactures high specification vacuum pumps for processing industries such as chemical, oil and gas.

It is also regarded as a world leader in the offshore petrochemical market.

Following the purchase of the company it will operate under the new name of Graham UK.

"It will keep its existing directors and management board, along with all 40 employees," said Mr Stanley.

"Graham UK also retains the intellectual property rights and buildings."

Begbies Traynor specialises in corporate insolvency management, and has 23 offices nationwide.

iross@guardiangrp.co.uk