An iconic Teesside industrial site which closed last year with the loss of 65 jobs has a new owner following a deal managed by business law firm Endeavour Partnership.
Endeavour has facilitated the sale of the former ESCO Corporation foundry in Guisborough to William Cook Estates Limited for an undisclosed fee.
ESCO Corporation, which makes excavator components for the construction industry and has operations in 28 countries, closed the site last year amid falling European demand for its products.
William Cook Estates’ sister company William Cook Cast Products originally sold the site to ESCO in 1997. It will now be redeveloped with a view to welcoming new employment into the region.
Simon Wake, head of commercial property at Endeavour Partnership, acted on behalf of ESCO in the deal. He said: “Hopefully this deal and the subsequent redevelopment of the foundry site will lead to the creation of new jobs and business growth in Guisborough.
“I’m delighted to get the deal over the line after a lengthy process of discussion and negotiation between ESCO’s team in the US and potential suitors here. ESCO stressed from the start of the process that it was important to find a buyer that would deal with the site appropriately and William Cook Estates certainly fits that bill.”
Endeavour Partnership has worked with ESCO since 2002 and handled all the legal aspects of its latest transaction, including assistance in navigating the English legal system, deduction of title and negotiation of contract documents.
The firm operates in both the corporate and commercial sectors and advises regional, national and global businesses on a range of legal matters including company litigation, commercial property, employment and corporate recovery and insolvency.
Other services, which span both the private and public sectors, include company formation, banking and finance, company secretarial, mergers and acquisitions and employment issues.
For more information visit www.endeavourpartnership.com.
Photo: Simon Wake