A West Midlands specialist manufacturer of gas measurement equipment, George Wilson Industries (GWi), has been sold out of administration, safeguarding all 26 jobs.
Vantage Capital acquired the business and its assets and will now trade as George Wilson Metering.
As well as manufacturing high-quality domestic pressure regulators for the UK energy market, GWi also provides gas meter refurbishment, triage and waste management services.
The company, founded in 1878 and trading from premises in Coventry since 1904, was placed into administration following increasing cash flow issues and growing creditor pressure over recent months.
Mark Malone and Gareth Prince, partners at business recovery specialists Begbies Traynor’s Birmingham office, were appointed joint administrators on June 10, having worked closely with management and various stakeholders over several weeks to undertake an accelerated sale process for the business and its assets.
Joint administrator and partner at Begbies Traynor, Mark Malone, said: “Having reviewed the company’s financial position, it was concluded that selling the business out of administration was a realistic option and would provide the best outcome for employees, suppliers, and customers by securing continuity of services.
“This is a well-established company with a strong reputation and level of interest received during the sale process was encouraging. We are pleased to have secured a sale that protects all jobs and ensures the continued provision of this key product and service”.