7Legal and Finance, the recently launched Sheffield-based business which offers both legal and financial advice, has secured it’s second deal with a transaction that took only 16 days to complete.
The whole team at 7Legal and Finance were involved in advising the management team of Rotherham-based Newburgh Precision Ltd who entered administration this week. The assets and goodwill have been purchased by a new company, Vector X-Cel Ltd, which brings together the skills and experience of the management alongside the team at X-Cel Superturn.
The 7Legal and Finance team included Jeremy Bennett, Samantha Sellars, Jacqui Dyer, Matt Milnes and Chris Sellars. Samantha Sellars said: “The advantage of having both accountants and lawyers within one company, all of whom have years of experience of corporate finance and insolvency transactions, meant that we were able to offer a complete solution to the team and resulted in us securing the deal within 16 days.”
Jeremy Bennett said: “This was a great outcome – a specialist engineering business in South Yorkshire, and the 70 jobs, have been retained and we wish Vector X-Cel every success in the future.”
Sheffield-based X-Cel Superturn and Rotherham-based Newburgh Precision are both manufacturers of high precision machined components and assemblies, supplying into a number of industries to include oil and gas, nuclear and defence, power generation, aerospace and construction industries.
The new management team at Vector X-Cel will be Chairman Andrew Taylor (owner of the X-Cel Group), Managing Director David Greenan, Sales Director Lee Townsend, Financial Director Chris Staves and Production Director Neil Booth.