80 jobs saved after Templeborough manufacturing firm bought for £1 million

EIGHTY jobs were saved when a manufacturing firm which had fallen into administration was bought for £1 million.
Newburgh PrecisionNewburgh Precision
Newburgh Precision

Newburgh Precision, based at Templeborough, was acquired by Ledantech, which has now changed its name to Vector X-Cel.

Vector X-Cel chairman Andrew Taylor said: “I’m delighted to be involved with Newburgh, they have an unrivalled reputation for engineering expertise and will complement the X-Cel group. 

“We have exciting plans to invest heavily in the business.”

The new management team will also include managing director David Greenan, sales director Lee Townsend, financial director Chris Staves production director and Neil Booth.

Mr Greenan said: “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.”

Newburgh Precision was founded in 1939 and manufactures precision machined and fabricated engineering components and assemblies for industry. 

Insolvency director Claire Dowson, of administrators Begbies Traynor Sheffield, said: “After 75 years in business, it’s fantastic news that this sale has enabled the firm to continue trading, saving all 80 jobs as well as securing its supply chain.”

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