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North East expert saves 170 jobs

NEWCASTLE-based corporate recovery expert, Mark Ranson, has helped save 170 jobs at one the UK’s best known industrial boiler producers.

Based in Annan in Dumfries, BIB Cochran Limited was established in 1878 and specialises in producing a range of large hot water, steam and biomass boilers used in hospitals, distilleries, shopping centres and sports stadiums across the world.

The business was placed into administration after the company’s parent company in Malaysia announced that it was unable to support BIB Cochran’s future working capital requirements.

Mark Ranson and Keith Anderson at Baker Tilly Restructuring & Recovery were appointed Joint Administrators and sold the business to Cochran Ltd immediately following appointment.

The new business will be headed by Mr. Dong Ping and backed by Hong-Kong-based boiler manufacturer, SHBV.

Mark Ranson, partner at Baker Tilly Restructuring & Recovery in Newcastle, announced:

“BIB Cochran is one of the biggest employers in Annan and it has been our number one priority to save as many jobs as possible.

“A newly formed company, Cochran Ltd, has acquired the business and its assets following our appointment with 170 employees being transferred to it.

“This is a fantastic outcome. The seamless transfer of the business not only protects jobs, it provides a solid financial platform for the future whilst enabling it to retain relationships with existing customers.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .