Jobs joy as Cobra is saved

 

Cobra Automotive went into administration in August with a bleak outlook for the 118 employees, but the company has been bought out by Prestige Components Limited in a deal that was sealed on Monday.

 

The new ownership will see the company concentrate on growing its automotive interior trim business which supplies a range of products to leading automotive manufacturers both in the UK and internationally.

 

Pemberton Capital, which invests in niche companies in the UK SME sector, will hold a majority shareholding in the business and the transaction will see the seamless transfer of operations to the new ownership.

 

Cobra founder Gary Seale, said: “The past few months leading up to the administration have been very challenging. We are delighted that the acquisition by Pemberton Capital enables us to move forward under a sound financial footing which will bring security to the business and our staff. The business can now re-focus on its niche as an innovative, high end producer for the automotive trim sector.”

 

Oliver Tonkin, Partner at Pemberton Capital, added: “Cobra is a leading business in its sector and an excellent investment opportunity. We are delighted to have the opportunity to back a strong business in a growing market which is of strategic importance to the UK manufacturing sector.”

 

One Welshpool-based employee told us that staff had been celebrating the news after a “really worrying six weeks or so”.