Moore Stephens takes the pressure off
The pressure has been relieved at a collapsed components manufacturer following the sale of two of its divisions.
Corporate recovery partners at mid-tier firm Moore Stephens have secured the sale of the pressure and inertial businesses of Measurement specialities UK, which went into receivership at the beginning of June.
Phillip Sykes and Jeremy Willmont were appointed joint administrative receivers of the company on 5 June 2002.
The company manufactured high precision and reliability components – the receivers achieved going concern sales of both the pressure and inertial businesses within six weeks of being appointed, preserving the employment of many of the work force.
The pressure business was sold to Watford based Polaron Engineering Group and the inertial business to Basingstoke based Sherborne Sensors Limited in a quasi MBO sale.