Kim Rayment, Bryan Jackson and Ian Gould, Joint Administrators of Railcare Limited (“the Company”), completed the sale of the business and assets of the Company to Knorr-Bremse Rail Systems (UK) Limited on 26 August 2013.
The deal will ensure the continuation of works at Railcare’s sites in Wolverton, Milton Keynes and Springburn, Glasgow. It will also preserve all 202 skilled jobs across both sites.
BDO business restructuring partner Kim Rayment said: “The sale of Railcare’s business and assets to Knorr-Bremse will secure a future for the business and jobs.
“Under the conditions of the sale Knorr-Bremse has agreed to pay retained employees their July salaries, which Railcare was unable to provide before it entered administration. Current employees will therefore be paid for all work they have done to date.
“We are delighted with this very positive outcome for the business, employees and more broadly for the communities of Wolverton and Springburn, both of which have strong railways heritage.
“This outcome has only been possible because of the support of customers and the dedication of staff, and we are grateful for this cooperation throughout the administration.”