Performance Springs bought out of administration
Lytham St Annes-based Performance Springs Ltd has been bought out of administration by an American firm, saving 21 jobs.
The buyer is Melling Performance Springs Ltd, a subsidiary of Melling Tool Company of Michigan, USA.
Melling manufactures oil pumps and other powertrain components, serving the global automotive original equipment and aftermarket industries.
Jeremy Oddie and Julie Webster (pictured) from Mitchell Charlesworth were appointed as joint administrators in early March and have continued to trade the business while a buyer was sought.
Julie said: “We are delighted to have been able to conclude a sale of the business and assets, following strong interest, despite the current market uncertainty.
"The sale secures a future for a well-established manufacturing business, ensures continuity of supply for its global customers, and most importantly, safeguards jobs in Lancashire. We would like to thank the staff for their commitment and support during the sales process. This is a very positive outcome during challenging times.”
This is a very positive outcome during challenging times
Mark Melling, CEO, said: “Even with all what is happening our commitment to the talented people and innovative staff at Performance Springs has not waivered. We are fortunate and honoured to add the Melling name to Performance Springs and look forward to celebrating our 75th anniversary next year.”
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