ATG bought out of administration by Italians
Advanced Technologies Group (ATG), the Bedford based airship engineering company, has been bought out of administration by an unnamed Italian consortium.
The deal, which saw the Italians pay £1m plus a percentage of any profits for up to eight years, came too late to save ATG’s workforce, which was made redundant in January. The jobs were cut after a preferred bidder, willing at one time to pay £3.5m for the company, withdrew its interest. The consortium takes over ATG‘s IPR, goodwill and plant and machinery at its Cardington facility.
Administrator Begbies Traynor said that as far as it was aware, the new owner planned to retain and even grow the Cardington operation.
ATG fell into administration in July last year with debts of over £10m. The protracted search for a buyer for the cash-hungry business racked up administrators’ fees of well over £400,000. ATG was developing airship platforms that could be used to airlift humanitarian aid into disaster areas, carry communication satellites or even fly battle tanks into war zones, among a host of applications.