170 Scottish jobs saved as boiler firm bought out of administration

BOILER maker BIB Cochran was yesterday bought out of administration, saving all 170 jobs at its factory at Annan, Dumfriesshire, and its sales office in Lincoln.
The business was placed into administration by its directors after the firm's parent company in Malaysia announced that it was unable to support its working capital requirements.

But, in a deal brokered by administrators at accountancy firm Baker Tilly, the firm has been bought by fellow manufacturer Shanghai Huanuan Boiler Vessel (SHBV) Corporation for an undisclosed sum.

SHBV used an acquisition vehicle called Cochran Ltd.

Dong Ping, SHBV's chief executive, said: "The acquisition of this world-famous boiler brand and technology is a key milestone for us.

"We plan to grow the brand and invest in new technologies whilst maintaining the manufacturing expertise in Scotland." SHBV and BIB Cochran had formed a joint-venture in 2004 for the Chinese market.

Keith Anderson, partner at Baker Tilly Restructuring & Recovery in Scotland and one of the joint administrators, said: "This is a fantastic outcome.

"BIB Cochran is one of the biggest employers in Annan and it has been our number one priority to save as many jobs as possible. A newly formed company, Cochran Ltd, has acquired the business and its assets following our appointment with 170 employees being transferred to it."

Cochran - which makes hot water, steam and biomass boilers for hospitals, distilleries, shopping centres and sports stadiums - was founded in 1878.

BIB Cochran was formed in January 2002 through the merger of Annan's Cochran Boilers and Beel Industrial Boilers, which was based in Lincoln. Manufacturing ceased in Lincoln in 2003 but continued at Annan.

Focus on Food Waste
1/9/2010

ABERDEEN - PROGRESSING YOUR ENVIRONMENTAL MANAGEMENT SYSTEM: INCREASING YOUR PERFORMANCE
7/9/2010

DUNDEE - THE TRUE COST OF WATER: PRACTICAL TECHNIQUES
8/9/2010

RWM Exhibition - Birmingham
14/9/2010

Save Energy and Increase Profits! - Free Half Day Workshop
22/9/2010

Scottish Low Carbon Investment Conference
28/9/2010

STRATHCLYDE - PLANNING FOR BEHAVIOUR CHANGE FOR A MORE SUSTAINABLE BUSINESS
28/9/2010