Car parts company so glad of support

Apr 1 2009 by Peter McCusker, The Journal

THE new owners of a car component company were supported by experts from the regional professional services community after buying it from administrators, saving the jobs of 67 people.

Widney Pressings on Scotswood Road, Newcastle, went into administration last month as a result of the dramatic drop in demand in the automotive and construction markets.

However, senior managers Andy Wingfield, David Horn and Mark Thornton believe it has a successful future and formed a new company, ADM Pressings, to acquire the business and safeguard the jobs.

The deal was financed with a £90,000 grant for business investment from One North East and funding from Barclays Bank with support from Newcastle law firm Muckle and Tait Walker Corporate Finance.

ADM Pressings managing director Andy Wingfield said: “The collaborative support that ADM received from One North East, Barclays Commercial Bank, Muckle and Tait Walker was crucial and ensured a viable business was saved and prevented from suffering a catastrophic collapse ... The collaborative effort that One North East, Tait Walker, Muckle and Barclays Commercial gave was first class and has restored my faith in business support services and the banking system.”

Steve Plaskitt, of Tait Walker, said: “‘We are delighted that Andy and the team were able to complete the job and secure 67 jobs for the company.” Craig Swinhoe, who led a team of five lawyers at Muckle LLP, said: “We are delighted to have played an important role in a securing the future of a historic North East manufacturer.”

Peter Kirkpatrick, who led on the deal for Barclays Bank, said: “Assisting ADM in this deal demonstrates Barclays’ continued commitment to the manufacturing industry in the North East.”