firstname.lastname@example.org Birmingham finance has played a major role in the expansion of one of the UK's leading aerospace component suppliers.
With £1 million of sales finance from Liquidity and legal advice from Gateley Wareing, CommaTech Holdings, parent company of Leicester-based Cannon & Stokes, has purchased the assets and business of DDi Precision from the group's administrators.
Cannon & Stokes, renamed CommaTech (Leicester), supplies blue chip aerospace customers with components and assemblies, including complex prismatic components and turned rings.
The newly acquired Hertfordshire-based precision manufacturing business, which was part of the European division of a US group, was purchased from the group's administrators and has been renamed CommaTech (Hertford).
The Hertford business is well known for specialist engineering, fabrications and assembly. Its customers include Goodrich Power Systems and Raytheon Systems.
The business operates from a modern 60,000 square feet production facility in Hertford. John Taylor, chief executive of CommaTech, said he could see benefits from the deal.
He said: "Bringing the two operations together will mean that we can widen the scope of the assemblies that we supply.
"Broadening our skills base and our production capability means that we are now able to provide total solutions to customers and play a larger and more significant role in the supply chain.
"In addition to safeguarding 69 jobs at Hertford, we are already recruiting ten people. We will also be investing a further £500,000 on plant and equipment in Hertford in addition to the substantial investment we have planned for Leicester."