STAFF at a building products firm have had their jobs secured after the business fell into administration.
Administrators were called into Expamet Building Products yesterday by directors due to “difficult trading conditions”.
Immediately after Robert Hebenton and Ian Green of PwC were appointed joint administrators of the Hartlepool firm, the company and its assets were sold to Tyne & Wear firm Birtley Building Products.
There are 87 staff employed at the Longhill Industrial Estate-based business that makes metalwork and plasterers’ accessories for the building trade.
All of their jobs are said to have been preserved by the buyout.
The current management acquired the firm in 2010 and for the year ending December 31, 2011, the business had a turnover of £23.5m.
Robert Hebenton, joint administrator and director at PwC for the North, said: “Like many businesses in the construction sector supply chain, the business has experienced difficult trading conditions throughout the last two years, with margins coming under significant pressure.
“As a consequence, the directors have reached the difficult decision to seek to have the company placed into administration as sufficient funding could not be secured to continue to trade solvently.
“All parties involved have worked extremely hard to ensure a viable solution for the business in securing the deal with Birtley Building Products, and preserving a vital source of local employment.”