Begbies Traynor saves 28 jobs at metal finishing business
Craig Povey and Richard Toone of Begbies Traynor were appointed as joint administrators to the business
Begbies Traynor has announced that it has helped sell Farrellys Metal Polishers Limited to FMP (Midlands) Limited out of administration saving 28 jobs.
The company provides metal polishing services for customers including BMW, Jaguar Princess Yachts, and Louis Vuitton.
The business had been affected by the difficult trading conditions of the past few years, including the impact of Brexit, rising energy bills, and the general climate of uncertainty.
Craig Povey and Richard Toone of Begbies Traynor were appointed as joint administrators to the business.
Povey said: “This sale has not only secured the employment of a skilled workforce but will also contribute to the stability of the Black Country steel industry supply chain, enabling the business to support the work being undertaken by Marcegaglia in Oldbury and realise the ambition of the UK Steel Charter.
“This positive outcome underlines the importance of seeking advice as early as possible, which has seen a good business navigate its way out of a very difficult set of circumstances and emerge stronger.”
Steven Finnegan, director at FMP, added: “Trading conditions were made very difficult for the company, but by taking decisive action it was possible to turn the situation around with the support of Angel Accounting and Begbies Traynor. We are now looking forward to a strong 2024 where we will be increasing our workforce.
“We would like to thank all of the companies in the steel industry supply chain who have provided extensive help and assistance during this time, as well as our amazing long-standing workforce who have supported the business every step of the way.”
