A new management team has acquired Wadkin from administrators, safeguarding the future of the 50 remaining staff.

The team, backed by former Wilkinson’s Hardware Stores chairman Tony Wilkinson, secured a deal with administrators Mazars on November 15 to acquire Wadkin UltraCare Ltd as a going concern.

New managing director Mark Kirton, a marketing specialist with a background in the sports and leisure industry, vowed to take Wadkin forward as a customer focused business concentrating on manufacturing grinders, remanufacturing machines and growing its service support business.

“The focus of the business will be customer service and my skills in marketing fit nicely,” he said. “It’s about changing the emphasis of the good old Wadkin name [associated with manufacturing] once and for all.”

Mr Kirton said the service side of the business had started to lead the way before financial problems forced the company into administration.

&#8220It’s about changing the emphasis of the good old Wadkin name once and for all”

Mark Kirton, managing director

“We have a vision for the business to see it growing significantly over the next three years, building on the inherent strengths of its workforce and the products we have in the market place,” he added.

When Wadkin went into administration in September it owed around £3m, including £1.4m to Revenue & Customs. Philip Lyon of Mazars anticipated that creditors, including trade creditors, banks and other financial institutions, would be receiving a dividend.

Wadkin employed 1,400 people in its 1960s heyday and around 250 before going into administration in 2001. The company had 90 staff before closing its manufacturing division with the loss of 26 jobs in early September. Administrators made a further 14 people redundant.

Former managing director Peter Smith remains with the company as chairman.