Quick Hydraulics' sale to Altec saves 19 jobs
Engineering company Quick Hydraulics has been bought out of administration and the jobs of 19 employees saved.
The acquisition by County Durham-based Altec Engineering happened quickly, with the directors of Quick Hydraulics putting the company in to administration on Monday and seeing it sold within 24 hours. Director Andrew Esson sought our involvement to help the company directly prior to its insolvency and we subsequently acted for the administrators, Deloitte, on the sale of Quick Hydraulics. Dan Butters and Clare Boardman of Deloitte LLP were appointed joint administrators before Altec acquired the trade and assets in an undisclosed deal which safeguards the jobs of two-thirds of the workforce.
Andrew Esson will continue as managing director of North Shields-based Quick, which counts SMD, Siemens, Baker Hughes and EDF Energy amongst its clients.
He said: “We have been through a very challenging 12 months due particularly to the downturn in the oil and gas sector. Many of the projects we had hoped to land were either subject to delays or cancelled altogether and it was clear that we would have to restructure the business. I am delighted that Quick will become part of the larger Altec Engineering Group. I have known Alastair for many years and together we will take the business forward.”
Mr Esson added: “It has not been an easy few months for staff, customers or suppliers but being part of a larger group which has the backing and support of one of the country’s largest funding providers bodes well for the future.”
Quick’s Aberdeen base is being retained as part of the deal. This is the third acquisition by Bowburn-based Altec in less than 12 months as the company continues to experience strong organic growth and make strategic acquisitions.
Having beaten off competition to acquire Quick, Mr Waite believes the deal will strengthen Altec’s offering to a wider customer base and develop new opportunities.
Dan Butters from Deloitte said: “We are delighted to confirm that the business of Quick has been successfully sold and jobs saved. The level of interest arising from the sale process is a testament to the quality of the business and the management team. We wish them well for the future.”
For any help or advice on business restructuring or turning around businesses in insolvency situations, please contact the Restructuring & Insolvency team.