Around 100 jobs at Wolverton train repair depot Railcare have been saved after administrators secured a buyer for the business.
Railcare, which also has a depot at Springburn in Glasgow, has been acquired by Knorr-Bremse a month after the business went into administration and more than 100 jobs were lost.
The remaining employees at both sites will now be paid wages they are owed from July, bringing to an end a hugely stressful and uncertain few weeks for the workers.
Following the acquisition, Knorr-Bremse has formed a new company called Knorr-Bremse Rail Services (UK) Limited, which joins three other established Knorr-Bremse Rail Group operations in the UK.
Paul Goodhand, managing director of Knorr-Bremse in the UK, said: “We are delighted to welcome Railcare into the Knorr-Bremse family of companies based here in the UK. My team and I in the UK and the executive board of Knorr-Bremse are committed to the future success of Knorr-Bremse Rail Services (UK) Limited.
“We see Knorr-Bremse Rail Services operations developing and expanding in the future in what we view as a dynamic area of rail operations with much potential. Railcare currently has many skilled and experienced individuals working at both its sites, in vehicle overhaul and repair but also in specialist incident repair and logistics.
“We believe that with the support of Knorr-Bremse, both in terms of solid financial investment and in process and management experience and support, we will, together with the existing team, be able to create a strong, new company.
“Our vision for Knorr-Bremse RailServices (UK) Limited is to create a company which supports customers in keeping their trains running through offering them an outstanding range of quality train maintenance and repair specialist services going forward.”
BDO business restructuring partner Kim Rayment said: “The sale of Railcare’s business and assets to Knorr-Bremse will secure a future for the business and jobs. Under the conditions of the sale Knorr-Bremse has agreed to pay retained employees their July salaries, which Railcare was unable to provide before it entered administration. Current employees will therefore be paid for all work they have done to date.
“We are delighted with this very positive outcome for the business, employees and more broadly for the communities of Wolverton and Springburn, both of which have strong railways heritage.
“This outcome has only been possible because of the support of customers and the dedication of staff, and we are grateful for this cooperation throughout the administration.”