Firm moves as site sold for £5m
The Malaysian owners of Bloxwich Engineering have sold the company's UK headquarters in Bell Lane in a deal worth £5.75million. The move is part of a restructuring of the business in the UK.
Bloxwich employs around 160 people and will be moving its entire Bell Lane manufacturing operation to its Fryers Road site about a mile away.
Bloxwich Engineering finance director James Fraser said the sale of the site had been flagged up earlier this year.
In March, Bloxwich Engineering announced 33 voluntary redundancies and the sale of its Bell Lane headquarters site and the site of its truck and container division on Chase Park Industrial Estate, Cannock, which employs eight people.
Founded in 1915 to make steel forgings and locks for industry, the company is now concentrating on its core work for the automotive sector.
It is owned by Kuala Lumpur-based Mega First Corporation, which this week announced the sale of the Bell Lane site to CJC-Ingleton, a Derby company created in July.
It is not know what the new owners plan for the site.
The Malaysian company said the site disposal was in line with a turnaround plan for the Bloxwich group, which was now in place, and would raise the necessary funds for the group's working capital and repayment of bank borrowings.
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