Wood flour manufacturer WTL International (WTL) has been bought out of administration by wood recyclers Boden & Davies, in a deal funded by the Royal Bank of Scotland.
Macclesfield-based WTL went into administration in May after a period of difficult trading. But the purchase of the company by Boden & Davies for an undisclosed amount will mean that while WTLs shareholders and senior management team will leave, 45 other staff will remain at the firm.
Boden & Davies managing director Charles Boden said: WTL was a successful business for many years and still has a good reputation in the market. There are a number of operational similarities between both companies and we plan to capitalise in these to make the company more efficient. We are confident that under our direct control it can be turned around.
Wood flour made by WTL is used in a wide range of products including plastics, animal bedding and cat litter, and even explosives for the Ministry of Defence.
Image from left to right: Boden & Davies managing director Charles Boden, Andrew Lowden from Boden & Davies and Royal Bank of Scotland commercial banking relationship manager Chris Boardman.