Around 40 jobs have been saved after an innovative Solihull technology firm was sold out of administration.
SafeTIC UK, which has an operation on Pinewood Business Park, Coleshill Road, has been saved after a sale was agreed.
The firm is part of the France-based SafeTIC Group, and also has offices in London Manchester and Edinburgh, and has three areas of expertise – biometric fingerprint technology systems, defibrillator technology and high-level building security systems.
Joint-administrators Craig Povey and Kevin Murphy of corporate recovery firm Chantrey Vellacott DFK managed the sale. Stephen George of Squire Sanders also acted on the deal.
The company’s assets have been bought for an undisclosed sum by French company Butler Capital Partners, and will trade as Butler Safe Technologies.
Craig Povey, business recovery partner at Chantrey Vellacott DFK’s Birmingham office, said: “SafeTIC UK Limited was a market leading company in the production of digital fingerprint readers, heart defibrillators and technology behind high security systems found in places such as childcare centres and gyms.
“The company run into difficulties after running up around £1 million of HMRC arrears in PAYE and VAT and was forced to file for administration in February.
“The sale of the UK arm of the company to Butlers Capital Partners has saved 39 jobs across its London, Manchester and Edinburgh operations, along with field based staff.
“Under the control of new owners, the business renamed Butler Safe Technologies Ltd will focus on supplying defibrillators and biometrics access control throughout the UK.”