Thursday, January 24, 2019

News: Newburgh Precision bought out of administration

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Newburgh Precision Engineering Ltd has been acquired having entered into administration this week.

With state-of-the-art premises at Templeborough, Newburgh Precision has unrivalled expertise in machining precision components and supplies the oil & gas, power generation, defence, rail and aerospace sectors.

It specialises in manufacturing "cells" that include dedicated groups of resources operated by a team of multi-skilled individuals that are committed to producing a product or products for one customer.

The assets and goodwill have been purchased by a new company, Vector X-Cel Ltd, which is 51% owned by X-Cel Superturn Ltd and 49% owned by the Newburgh management team.

The new management team at Vector X-Cel will be Andrew Taylor, Chairman (and owner of the X-Cel Group); David Greenan, Managing Director; Lee Townsend, Sales Director; Chris Staves, Financial Director; and Neil Booth, Production Director.

X-Cel Superturn is a global manufacturer of machined components. In June 2012, the firm moved its Gasket and Seal division to the prestigious Advanced Manufacturing Park (AMP) in Rotherham.

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Andrew Taylor said: "I’m delighted to be involved with Newburgh, they have an unrivalled reputation for engineering expertise and will compliment the X-Cel group. We have exciting plans to invest heavily in the business."

David Greenan added: "Myself and the Newburgh Precision team are excited to be working in partnership with Andrew and X-Cel Superturn. We believe the wealth of skills, knowledge and experience contained in the businesses will bring huge benefits to both. We look forward to building a bright future."

X-Cel Superturn Ltd and Newburgh Precision Ltd are both manufacturers of high precision machined components and assemblies, supplying into a number of industries to include oil & gas, nuclear & defense, power generation, aerospace and construction industries.

X-Cel Superturn were advised by Paul Hardy of Hardy Transactions Ltd, and their lawyer was Matt Ainsworth of Keebles. The management team at Newburgh were advised by Chris Sellars of 7 Legal and Finance Ltd.

X-Cel Superturn website
Newburgh Precision website

Images: Newburgh

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