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Interpath Advisory has secured the sale of CBE Plus Limited following its appointment as administrator, with all 87 employees transferred to the company’s new owners.
Immediately following the appointment of joint administrators Tim Bateson and Howard Smith, the business and assets of the company were sold to two companies that are funded by Baaj Capital LLP.
Based in Chesterfield, CBE Plus Limited specialises in nickel plating, CNC machining, surface treatment and assembly services for the aerospace, defence, energy and automotive industries.
Interpath said that over the past few years it had faced “challenging” market conditions, impacting its profitability. As a result, the directors explored their refinance, investment and sale options.
According to Interpath, when it “became clear that a solvent solution could not be found, they took the difficult decision to seek the appointment of administrators”.
Tim Bateson, director at Interpath and joint administrator, said: “These have been testing times for many businesses across the manufacturing sector as a result of high cost inflation and fragile business confidence.
“We are pleased to have secured this transaction which safeguards the future of CBE Plus Limited and which, importantly, safeguards the jobs of all employees.”
