Member Article

AEI Cables deal safeguards 200 jobs

The future of a 175-year-old North East manufacturer has been secured following a deal with a Middle Eastern company.

Birtley-based AEI Cables, which avoided administration in 2011, has been acquired Ducab - a Dubai based company that is partly owned by the Abu Dhabi and Dubai governments.

The deal will safeguard around 200 jobs at AEI which had negotiated a Company Voluntary Agreement with creditors in 2011 to avoid it dissappearing.

Transaction services partner Chris Stott and associate director Andrew Lancaster from KPMG’s Newcastle office advised Ducab on the transaction.

Mr Lancaster said: “Protecting over 200 jobs at AEI Cables is great news for the economy in County Durham and is testament to the hard work from the local advisory community to get the deal completed in such a short time frame.

“Ducab is a world leader in its field and, with its backing, AEI Cables can build on its legacy and look forward to a secure future.”

This was posted in Bdaily's Members' News section by Tom Keighley .