Buyer secured for UK'S largest supplier of flexible and flex-rigid multilayer circuits
Simon Thomas and Shelley Bullman both of leading restructuring and insolvency firm Moorfields Corporate Recovery LLP, have announced the successful sale of one of the UK’s largest manufacturers and suppliers of flexible and flex-rigid multilayer circuits, Teknoflex Ltd , which was placed into administration on Monday 14th January 2013.
The business was sold on 25th February 2013 to Zutron UK Limited who specialise in turnaround, recovery situations.
The sale will enable the business to continue to trade under new ownership and safe guard the jobs of 66 employees.
Simon Thomas, joint administrator at Moorfields Corporate Recovery, said:
“We are delighted to announce the sale of Teknoflex Ltd following a 6 week trading period and accelerated marketing process. The new buyers see the potential for the business to overcome the economic pressures which have impacted on the business over the past few years. This is a great result for the local economy”
Shelley Bullman, joint administrator at Moorfields Corporate Recovery, said:
“Teknoflex has over 50 years experience and a strong reputation for providing high technology and niche products. We believe that under the new ownership the business has the ability to bounce back from its recent struggles. The manufacturing industry has already seen a second consecutive month of improved trading conditions and increased employment levels.
For media enquiries, please contact:
Katie Smith
Tel: +44 (0) 20 7186 1143
Email: ksmith@moorfieldscr.com
About Moorfields
Moorfields is one of the UK's leading independent firms of restructuring and insolvency specialists. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations
Moorfields Corporate Recovery is proud to have been awarded Corporate Recovery Firm of the year at the Insolvency and Rescue Awards 2012
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