IT has just been confirmed that the assets of Ross and Bonnyman, which was placed in provisional liquidation on February 2, 2012, have been bought by a new company - Ross and Bonnyman XL Ltd., enabling manufacturing to restart with potentially around 30 new jobs.
Provisional liquidators David Menzies and Ken Pattullo of Begbies Traynor have worked tirelessly to complete the assets sale from the 39-year-old family business, which is one of the UK’s market leaders in the design and manufacture of lifting solutions and specialist products including yard lifts, mezzanine lifts, dock levellers, lifting decks, ambulance lifts and access ramps.
The former £7m turnover company supplies the distribution, retail, service, food and drink, and rental sectors as well as local authorities. Its products can be found on commercial and passenger vehicles throughout Europe.
The assets of Ross and Bonnyman have been bought by Ross and Bonnyman XL Ltd, part of XL Group, a successful Scottish company with headquarters in Aberdeen. XL Group is an international multi-discipline technology company with operations in Runcorn, Canada, Colombia and Abu Dhabi, providing systems and service to the oil and gas, petrochemical, utilities and industrial manufacturing sectors.
Provisional liquidator Ken Pattullo said: “Due to lack of cash flow, it was impossible for Ross and Bonnyman to continue trading after it was placed in provision liquidation; regrettably, there was no option but for the factory to close and all staff to be made redundant.
“However, with its excellent reputation and market leading products, we were optimistic that we would be able to find a buyer for the assets and, importantly, the intellectual property used in the business; we are delighted that our confidence has been vindicated.
“This is the best possible outcome in the circumstances, with the prospect of the factory re-opening and new jobs being created.
“We were able to generate a great deal of interest in Ross and Bonnyman and swiftly completed a deal in order to cause minimum disruption to any future product supply. We understand that the purchaser intends to re-commence activity at the factory as soon as possible and is likely to require around 30 staff.”
Colin Laird, managing director of XL Group, commented: “The addition of the Ross and Bonnyman name to XL Group is a great bonus. It is a market leader in its field and will complement the other services provided by the group. Plans are already underway to re-open the Forfar factory which is good news for the local community and we plan to increase our workforce throughout the group to over 100 over the next year by recruiting additional mechanical, metering and software engineers.”
More details to follow and a full report will be featured in next week’s “Dispatch” and “Herald”.