(Follow this link for the original article)
A Wiltshire-headquartered UK subsidiary of a German business has bought railway maintenance company Railcare out of administration.
Knorr-Bremse Rail Systems (UK), which is based in Melksham, has bought the company for an undisclosed sum in a deal which saves more than 200 jobs.
The deal saves 202 jobs in Milton Keynes and Glasgow and will enable the continuation of works at both sites. Railcare entered administration in July.
Kim Rayment, business restructuring partner at administrator BDO, 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.”
Knorr-Bremse Rail Systems (UK) also has operations in Staffordshire as well as its Wiltshire base.