More than 20 jobs have been saved after a decades-old Nottingham manufacturer fell into administration and was sold. Administrators were appointed at Nova Group Products Limited, based at Harrimans Lane, Nottingham, on Tuesday, May 2, after the company experienced a significant drop in revenues over recent years.
The business, which manufactures and processes aluminium and steel products like home speaker accessories and casings for vehicle charge points, has been trading for more than 40 years and was previously known as Fabriweld. Administrators from Interpath Advisory explained the business had faced a significant drop in revenue over the last two years due to lower demand for consumer-led products.
They added the directors explored a number of funding options but, with no solvent solution to be found, took the decision to seek the appointment of joint administrators. Shortly after these appointments, the business and its assets were sold to Innovation Lifts Limited and Innovation Group Products Limited, two companies affiliated to Nottingham-based Innovation Laser Limited.
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Tim Bateson, director at Interpath Advisory and joint administrator, said: “From its home in Nottingham, Nova Group has been producing quality products for over 40 years, so we’re pleased to have been able to conclude these transactions which will enable production to continue and jobs to be preserved.
"We wish the purchasers and the company’s skilled employees all the very best for the future.” As part of the deal, all of the company’s 25 employees will transfer to the purchasers.
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