Twenty-one jobs have been saved at a Lancashire engineering firm after it was acquired out of administration.
Established in 1996, Performance Springs Ltd is a multi-award winning manufacturer of high performance springs, based in Lytham St Annes.
Jeremy Oddie and Julie Webster from Mitchell Charlesworth were appointed as joint administrators on 4 March 2020 and have continued to trade the business while a buyer was sought.
The administrators secured the sale of the business to Melling Performance Springs Ltd which is a subsidiary of Melling Tool Company of Michigan, USA. Melling is a leading manufacturer of oil pumps and other powertrain components, serving the global automotive original equipment and aftermarket industries and is noted for its strong engineering, product development.
Julie Webster, associate at Mitchell Charlesworth, said: “We are delighted to have been able to conclude a sale of the business and assets, following strong interest, despite the current market uncertainty. The sale secures a future for a well-established manufacturing business, ensures continuity of supply for its global customers, and most importantly, safeguards jobs in Lancashire. We would like to thank the staff for their commitment and support during the sales process. This is a very positive outcome during challenging times.”
Mark Melling, CEO, said: “Even with all what is happening our commitment to the talented people and innovative staff at Performance Springs has not waivered. We are fortunate and honoured to add the Melling name to Performance Springs and look forward to celebrating our 75th anniversary next year.”