More than 400 jobs have been saved after a raft of companies across a manufacturing group were sold out of administration. Richard Harrison and Howard Smith from Interpath Advisory were appointed as joint administrators to 14 companies across the Pexion Group on March 19. Stuart Irwin and Richard Harrison were appointed joint administrators over another group subsidiary, Nitronica Ltd, on the same date.
Headquartered in Chorley, the Pexion Group specialises in the design, development and manufacture of high specification electronic components and sub-assemblies for high-tech industries. The group comprises of parent company Pexion Ltd and 14 trading subsidiaries. Over recent months, the group had experienced challenging trading conditions and had started to come under increasing financial pressure from its suppliers. This in turn put pressure on its liquidity position. In response, the directors sought to undertake a review of the sale and restructuring options available to them, but when a solvent solution could not be found, they took steps to seek the appointment of administrators. Immediately following their appointment, the joint administrators completed six separate transactions, safeguarding the future 13 of the group's operating subsidiaries, and preserving 430 jobs at sites across the country
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