20 jobs saved as historic engineering company in Barrow rescued
The company has been operating in Barrow since 1982. It became a supplier of precision engineering to the aerospace industry. It also supplies a number of aeronautical companies with aerospace fasteners.
The pre-pack administration deal arranged by Begbies Traynor saves 20 jobs and ensures a continuity of trade for staff and customers.
Ian McCulloch, director of Begbies Traynor, said: "Like many SME’s across our region, Joss Engineering experienced some cashflow issues at the start of the year. Ultimately, this resulted in the director of the company presenting a proposal to ensure creditors of the company received 100p in the pound under a company voluntary arrangement (CVA).
“Unfortunately, this was rejected by creditors, leaving no alternative but to complete a pre-pack administration. The result is that jobs have been saved and orders can be fulfilled which will result in enhanced realisations and a greater return to creditors. Joss Engineering is a strong brand and an historic employer in Barrow and the team are looking forward to the future.”