The business and assets of Leeds-based Andrews Fasteners Ltd have been acquired by a new company AFC Products Limited.
The company was placed in the hands of administrator Chris Brooksbank of Cleckheaton-based O’Haras Limited on 16 January 2015 and a sale was immediately completed with AFC Products, which subsequently changed its name to Andrews Fasteners Limited to continue the legacy of the business under the control of Michael Carey, a former director of the original company. The deal has secured future orders, supplier contracts and saved the jobs of the 20-strong workforce.
Mr Brooksbank assisted in negotiating the sale and realising the assets of the company and Leeds law firm Clarion acted for O’Haras Limited in relation to the appointment of the administrator and the immediate sale of the assets.
Michael Carey, director of Andrews Fasteners, said: “Following this restructuring, we believe we are in a much stronger position to take the business forward.”
Ben Ramsay of O’Haras Limited commented: “This is the best possible outcome for this well-established business and its loyal workforce. With an experienced director at the helm who really understands the sector, Andrews Fasteners has a brighter future ahead.”
Clarion commented: “The swift sale of the business and assets has secured the future of this longstanding business and has saved the jobs of the company’s 20 employees.”