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PKF Smith Cooper has completed the sale of clean drying technology developer Coomtech out of administration to Kinetic Air Dryers.
The transaction safeguards all existing jobs and preserves the ongoing research and development of the low-energy raw material processing technologies pioneered by the firm.
Founded in 2011, the company faced severe working capital pressures following high development costs and a decline in investor funding.
The business recovery and restructuring team at the accountancy firm managed the corporate disposal process alongside legal advisers from Browne Jacobson and Howes Percival.
The purchasing entity will take over the operational capabilities and intellectual property assets of the regional engineering site.
Philip Jarvis, chief executive of Coomtech, said: “This transaction was critical to the future of this groundbreaking British industrial innovation. It was important to keep the team together else the know-how would be lost.
“Acquiring the business via the new company gives this technology a fresh new opportunity to succeed. I was very pleased with how PKF handled the process. It required significant attention to detail and benefited from the PKF team’s approachable and communicative style.”
Dean Nelson, head of business recovery and restructuring at PKF Smith Cooper, said: “We are pleased to have secured a positive outcome for Coomtech Ltd, ensuring a future for the team, business and its employees, along with a platform for future growth and prosperity.
“For companies facing financial pressure, seeking professional support early can make a real difference to the options available, and can give your business the best chance of securing a successful outcome. We wish Kinetic Air Dryers Limited and the team the best for the future.”
