Engineering recruitment company Morson has acquired Wynnwith group for £7.75 million.
Engineering recruitment company Morson has acquired Wynnwith group for £7.75 million.
In an all-cash deal, Manchester-based Morson also acquired Wynnwith’s Italian subsidiary out of administration. Established in 1973, Wynnwith provides technical and engineering personnel to industries including aerospace and defence. None of the existing Wynnwith directors or employees will be appointed to the board of Morson.
For the year ending March 2010, Wynnwith posted sales of around £70 million, but the business had been loss making for some time. The assets acquired include approximately £9 million of debtors and £300,000 of other assets.
Ged Mason, chief executive of AIM-listed Morson, says: ‘Wynnwith is a longstanding, significant business operating in our core market. Under [our] ownership, Wynnwith’s client base and suite of enhanced recruitment and technical services will integrate into the systems, procedures and service offerings of the wider Morson Group, which we are confident will deliver business opportunity and increased market share.’
