Assured Performance Group Ltd collapsed on 17 July 2015, with Clive Morris of Marshall Peters appointed administrator. The business, which re-engineered parts such as brake callipers for buses, first began trading from its original Garstang home in 1973 and its sole active director is listed on Companies House as Anthony Wilson.
According to Marshall Peters, the company lost a contract with its main customer, First Group, in February 2015. This customer represented approximately 75 per cent of the company's turnover, which was £2.8m in the year ending 30 April 2014 and £3.5m a year earlier.
As a result of the loss, Assured Performance Group Ltd had apparently run out of cash-flow by the end of June. When administrators were appointed, the business had 19 members of staff.
Shortly after the appointment, Assured Performance Group Ltd was bought by a newly formed company, Assured Performance UK Ltd. The buyer is a special-purpose vehicle created and wholly owned by the Luby Group, which also owns air braking systems and components wholesaler and manufacturer European Braking Systems.
The deal has saved all 19 jobs at Assured Performance Group Ltd as well as the future of the Blackburn factory.
European Braking Systems was a former supplier of Assured Performance Group Ltd and one of several parties approached by its director in the months leading up to the administration regarding a potential sale of the business.
Mark Luby (Managing Director or European Braking Systems) said:
''Assured Performance are the oldest and most well-established brake component remanufacturer in the UK and have been established for over 40 years.
European Braking Systems has a demand for remanufactured product and so to be able to acquire a purpose-built remanufacturing facility was a great opportunity. Luby Group already has a manufacturing plant in Wuhan, China and also owns Assured Performance Ireland Ltd, which is a specialist distributor and remanufacturer of Turbo Chargers
We are delighted to have been able to save the factory from closure and now with the group backing, Assured Performance will become an integral part of our supply chain.''
For more information on the acquisiton and the services now offered by both European Braking Systems & Assured Performacne please call +44 (0)161 874 3100.