BUSINESS NEWS
CHAMBERLINK EXCLUSIVE
administration at the start of September, with EY appointed to run the cash-stricken Kitts Green factory. “I put it into administration when I knew that I was not going to be able to meet the payroll requirements and pay our creditors. “I spent a lot of time firefighting
setting up the new company, dealing with banks and phone companies, and I am still firefighting to this day. “I had been working with
potential buyers and the good news is that I did a deal with a British company that I have known for many years, Hughes Armstrong. They are based in the Midlands and Yorkshire and have a passion for manufacturing and machine tools. “I have known these guys for 25
years and they are about growing a UK machine tools business and helping the firm become a major force again. It is a nice home for us – they have bought the sales, spares and service operation from EY. I have now got about 14 people here – we lost 50 per cent of the workforce. Only one is still unemployed – 70 per cent of my workforce were over 60, seven of them over 65 and two were over 70. “But we are expecting to get the
show back on the road and back to its former glory – we expect the oil sector to come back at some stage. It has been an annus horribilis but
we are now back home. BSA Machine Tools is still in administration, and will remain in administration while they realise the assets. “I believe that we are on the way
back, although it has been a disastrous period. “The biggest problem was
setting the new company, BSA Technologies, up, dealing with things like notepaper, bills, re- setting up all the direct debits. “Hughes Armstrong took over on
September 25 – you couldn’t wish for a better situation than to be part of Machine Tools Technology Group, which is part of Hughes Armstrong.” Steve is no stranger to industrial difficulties. He was operations director of the controversial arms to Iraq Coventry-based manufacturing firm Matrix Churchill back in the 1990s, which caused a national political storm and the eventual collapse of a trial of key personnel, which found there was no case to answer. But the controversy derailed
plans for an MBO of Matrix Churchill by the directors and the Coventry site eventually closed. Steve took over as BSA Machine Tools managing director in October 1992 and has remained at the helm of the Kitts Green company ever since.
FEBRUARY 2016 CHAMBERLINK 11
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68