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Bradford business bought out of administration by Flowtech Fluidpower
Flowtech Fluidpower, the specialist technical provider of fluid power and motion control products and engineering services, has acquired the business and certain assets of Bradford-based Thomas Wright/Thorite Group Limited (Thorite).
The transaction completed immediately following the appointment of administrators, Interpath Advisory, to Thorite.
Mike England, CEO of Flowtech, said: “We are delighted to acquire this well-respected brand and skilled workforce. On behalf of all of us at Flowtech we welcome our new colleagues to the Group. This is an exciting moment for us all as both businesses have a history of deep expertise and knowledge in power, motion and control.
“For us at Flowtech, adding Thorite’s expertise in pneumatics, automation and compressed air capability is an excellent fit and aligns perfectly with our strategy – a world of motion – which will enhance our scale, margin profile, and help to accelerate market share gains.”
Thorite is a provider of pneumatics, compressed air, vacuum and fluid handling products and systems and has traded since 1850. It operates from seven sales and service centres across the UK.
Under the terms of the acquisition, Flowtech will acquire all the plant and machinery, vehicles, stocks, and intangible assets of Thorite for a total cash consideration of £350,000.
Flowtech has also repaid Thorite’s outstanding debtor finance facility of £1.7m in return for an assignment to the Group of a debtor book totalling £2.6m. A sharing arrangement relating to the excess of debtor book recoveries over and above the £1.7m paid has been agreed with the administrator of Thorite.
In the audited accounts for the year ended 31 March 2023, Thorite generated revenue of £21.2m and delivered an operating profit of £79,000. Thorite has since experienced cash flow challenges and incurred operating losses due to a combination of internal issues and market headwinds. Thorite’s operating losses in the year to 31 March 2024 are estimated at £1.2m.
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Hauliers and fleet managers warned of complete closure of M62 over two September weekends
A key section of the M62, which carries about 120,000 vehicles a day, will be completely closed for two full weekends next month.
Between 9pm on Friday 6th September to 6am on Monday 9th September, and from 9pm on Friday 20th September to 6am on Monday 23rd September Network Rail will be replacing a railway bridge between junction 19 at Heywood and junction 20 at Rochdale. Castleton bridge, which is almost 60 years old and carries the main railway line over the M62 between Manchester and Rochdale, is being demolished and replaced with a new bridge.
National Highways, which operates the M62, is working with Network Rail to ensure the work goes as smoothly as possible but is advising drivers that the two weekend closures will affect cross-Pennine travel plans with the motorway linking Liverpool and Hull as well as the cities of Manchester and Leeds in between.
Gary Farrell, National Highways’ senior network planner (resilience), said: “Network Rail clearly needs to replace what is an ageing bridge and a critical piece of the railways infrastructure supporting the important Manchester Victoria to Leeds service and other routes.
“We’ve been working with staff from Network Rail for many months to plan and publicise this work including the two full weekend closures. We are urging drivers to avoid this section of the M62 during the two weekends by delaying journeys or planning alternative routes – but anyone who does need to use the M62 over the two weekends should follow the official diversions and not rely on sat nav advice.”
Drivers heading across the Pennines over the two weekends are being urged to plan journeys – including checking for congestion or incidents before setting out. Alternative trans-Pennine routes include the A69 between Carlisle and Newcastle, A66 Penrith to Scotch Corner and the Manchester to Sheffield link (M67/A57/A628/A616).
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University of Bradford has Small Business Charter extended for five years
The University of Bradford’s School of Management has been recognised for its work with small businesses by having its Small Business Charter renewed for a further five years.
Professor Sankar Sivarajah, Dean of the School of Management at the University of Bradford, said: “The five-year award is a testament to the growth and development of our engagement with entrepreneurs and small businesses within the region over the past few years, as well as the ongoing strength of the School’s business and community engagement offer.”
Tim Rogers, CEO of Bradford district-based firm Future Transformation, said: “With access to students, research and innovation the University of Bradford School of Management proves a vital resource for SMEs like mine and the wider business community locally, regionally and nationally to grow sustainably and increase our skills resulting in a strong and stable economy.” Flora Hamilton, Executive Director of the Small Business Charter and CEO of the Chartered Association of Business Schools, said: “We congratulate the University of Bradford School of Management for retaining their SBC status. “It is fantastic to see that the school has built upon the foundations of its initial application and continues to demonstrate impact in supporting small businesses and student entrepreneurs in their local economy. “We look forward to seeing the ongoing impacts of their work deliver for their regional economy.”