AN IPSWICH factory which announced more than 100 job losses has managed to save 40 of the positions, the management team revealed today.Motor parts firm BSA Advanced Sintering closed the gates to its Elton Park Business Centre factory earlier this month after a turbulent period of financial uncertainty dating back to October last year.
AN IPSWICH factory which announced more than 100 job losses has managed to save 40 of the positions, the management team revealed today.
Motor parts firm BSA Advanced Sintering closed the gates to its Elton Park Business Centre factory earlier this month after a turbulent period of financial uncertainty dating back to October last year.
Today, former technical director Paul Mitchell told The Evening Star that 40 of the 138 jobs have been saved.
Mr Mitchell and two other long-serving employees have formed a management team and acquired part of the BSA business, trading as Oilite Bearings.
Mr Mitchell, managing director of Oilite Bearings, said: “The story started when the company went into administration in October.
“At the time we tried to do a management buy-out to buy the whole of the company but as it was progressing in January one of the biggest companies pulled out.
“They were one of our biggest customers but we couldn't persuade them to stick with us.
“It was then we had to look at reducing the buy-out to just the Oilite Bearings side and that's where we have been successful.
“Unfortunately we haven't been able to help the 98 employees in the iron part of the business but we are delighted to have been able to save the 40.
“Obviously it's a big relief to those 40 employees. They are understandably just happy to have a job to go to.”
Olitle Bearings, running under the management of Mr Mitchell, Alistair Brixey and Peter Jones, is continuing to trade from the Ipswich site - manufacturing precision bronze bearings for industries in the UK and Europe.
Mr Mitchell said: “We produce parts for a Europe-wide market and are looking to expand heavily into the continent.
“That's one of the key factors which has allowed us to keep this business going and it's encouraging there is potential for more jobs in the future.”
Is your firm having to make job cuts? Write to Your Letters, Evening Star, 30 Lower Brook Street, Ipswich, IP4 1AN or send us an e-mail to eveningstarletters@eveningstar.co.uk
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here