A casting firm has been sold out of administration, securing the jobs of all 80 staff.
Coupe Foundry Ltd based in Higher Walton, Preston, has been acquired by a new comnpany, Coupe Castings Ltd.
The new firm is part-owned by Bolton-based Shakespeare Foundry and Eaves Machining Ltd.
Coupe Foundry has traded for more than 100 years with the directors undertaking a takeover of the business in 2004.
The castings manufacturer has established a strong reputation and is the UK’s largest jobbing foundry, supplying cast iron, ductile iron, alloyed irons and steel castings to a wide and varied customer base throughout Europe.
The business was placed in the hands of joint administrators Jason Elliott and Craig Johns of Cowgill Holloway Business Recovery in January.
Administrators continued to ensure the foundry carried on trading while conducting a full marketing exercise to find buyers for the business, and a sale to a new company, to be known as Coupe Castings Limited, was completed 10 days later.
Joint administrator Jason Elliott said: “This is a well-established business with a loyal customer base which has been faced with extremely challenging trading conditions.
“Not only are we delighted to have been able to achieve a sale of the business but additionally, the combined experience and knowledge of this sector that the purchasers bring should ensure a long term viable future for the business and its employees, which is great news for its staff and customers.”