KPMG Closes Deal with Buyer for Ailing Aerospace Firms, Saves 60 Jobs
Administrators KPMG has finally found a buyer for Blade Tooling and Blade Technology, aerospace firms based in Pershore that went into administration December 2010 after tough economic conditions forced the company to declare insolvency.
Gardner Group Ltd of Ilkeston, Derbyshire, made final decision January 21 to buy out the ailing aerospace firms through the funds advanced by Better Capital limited. The acquisition of Blade Tooling and Blade Technology by Gardner Group is the second strategic, bolt-on takeover made by the Gardner.
The acquisition will convert the name of the aerospace firms into Gardner Blade, covering only select assets and businesses of the firms and saving 60 jobs in both companies. Five redundancies have been declared in the Blade Tooling facility by KPMG administrators Will Wright and Mark Orton as the aerospace firm was trading while buyers were sought.
Blade Tooling and Blade Technology manufactures aerofoil tooling, ceramic cores and wax mouldings that are being supplied to the aerospace and industrial gas turbine markets. Among their customers in the international aviation industry include Airbus, Rolls-Royce, GKN, and BAE Systems.
Gardner Group operates independently across UK supplying metallic aerospace parts and sub-assemblies.
The acquisition is believed to be valued at £3 million, 25 percent from the current cash reserves of Gardner while the 75 percent comes from Better Capital Fund which initially announced February 2010 to invest £20 million in Gardner. With Gardner’s acquisition of the aerospace firms, Better Capital’s investment will rise to £21 million overall.