Jason Elliott and Craig Johns of Cowgill Holloway Business Recovery LLP, were earlier this month appointed Joint Administrators to Axis Sheet Metal and Fabrication Limited (Axis), the Bolton-based metal manufacturer.
The professional fabrication welding business had been trading since August 2009 and has a turnover £474,184. The company directors had been seeking to resolve issues with the landlord over rent arrears but unfortunately a resolution could not be found and the business was placed into administration on 4 July 2013.
Jason Elliott, Joint Administrator and Cowgill Holloway Business Recovery Partner, commented: “Axis suffered from a downturn in a competitive market and as a result it became apparent that it was no longer economically viable for the business to continue to successfully trade. A sale of the business and assets was completed on 10 July in two separate transactions to associated companies, GIA Investments LLP and Axis Fabrications Limited. All employees were transferred under TUPE to Axis Fabrications Limited.
“We are particularly pleased to have secured a quick sale and are delighted that all jobs will be saved.”
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