Over 200 jobs saved as Wakefield industrial supplies company TEi Ltd rescued from administration
Over 200 jobs have been saved after a Wakefield-based specialist provider of industrial services was bought out of administration.
On March 7, Kristian Shuttleworth and Clare Boardman of Teneo Financial Advisory Limited were appointed as joint administrators of TEi Ltd, an industrial services provider with a national footprint and headquartered on Calder Vale Road.
Immediately following their appointment, the administrators completed the sale of the company’s business and assets to Titan Bidco Limited.
The transaction includes the transfer of all 219 employees of TEi Ltd and will ensure continuity of service to customers.
Kristian Shuttleworth, joint administrator, said: “We are delighted to have been able to deliver a transaction which preserves the future of the TEi business as a going concern within a growing group, ensuring uninterrupted services to customers and importantly protects jobs.
“We would like to thank TEi’s management team, employees and stakeholders for their support throughout the process.”
Titan Bidco is a new company that is a sister company to Rainham Industrial Services, a national provider of industrial repair, maintenance and site installation services. Rainham is backed by H.I.G. Capital, a global alternative assets firm.
The TEi business provides design, supply, repair, maintenance and site installation services to the oil and gas, power generation, steel making and chemical processing industries.