Jobs saved as Fylde springs firm is bought out of administration

Established in 1996, Performance Springs Ltd is manufacturer of high performance springs, and in 2012 won the Company of the Year Award by the UK’s Northwest Automotive Alliance.

Jeremy Oddie and Julie Webster from Mitchell Charlesworth were appointed as joint administrators on March 4 after the firm incurred trading losses over the past three years.

They kept the business trading while a buyer was sought and secured the sale to Melling Performance Springs Ltd, a subsidiary of Melling Tool Company of Michigan, USA. Melling makes oil pumps and other powertrain components, serving the global automotive original equipment and aftermarket industries.

Julie Webster said: “We are delighted to have concluded a sale of the business and assets, following strong interest, despite the current market uncertainty.

"The sale secures a future for a well-established manufacturing business, ensures continuity of supply for its global customers, and most importantly, safeguards jobs. We would like to thank the staff for their commitment and support.”

Mark Melling, CEO, said: “Even with all what is happening our commitment to the talented and innovative staff at Performance Springs has not wavered. We are fortunate and honoured to add the Melling name to Performance Springs.”