Railcare Jobs Secured
27 August 2013, 12:18 | Updated: 27 August 2013, 12:22
Milton Keynes-based train maintenance firm Railcare has been sold to a German company, securing more than 200 jobs.
The company was placed into administration in July 2013, with the loss of 118 jobs at their site at Wolverton. A further 33 jobs were lost at their site at Springburn, Glasgow.
Administrators from BDO said the sale of the business and assets to Knorr-Bremse Rail Systems (UK) Limited had been completed.
The deal will ensure the continuation of works at Railcare's sites and preserve all 202 skilled jobs.
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.''