Aerospace supplier Gardner Group has acquired Blade Tooling Company and Blade Technology from administration for £600,000.

Aerospace supplier Gardner Group has acquired the trade and assets of Blade Tooling Company and Blade Technology from administration for £600,000.

The deal was financed by the investment firm Better Capital, of which Gardner is a portfolio company. A total of £3 million has been allocated for the acquisition and to provide working capital for the new company, £500,000 of which will come from Gardner’s current cash reserves and £2.5 million from the Better Capital Fund.

Upon completion of the deal the business will trade as Gardner Blade.

Worcestershire-based Blade manufactures and supplies aerofoil tooling and ceramic cores for the aerospace and industrial gas turbine markets. The company was acquired from the administrators at accountancy firm KPMG.

Gardner is a supplier of metallic components such as engine parts to customers including Rolls-Royce and BAE Systems. The Derbyshire-based company employs 700 staff across its eight manufacturing sites in the UK and Poland.