All employees apart from managing director John Huggins and chairman Fred Ellis have been kept on. Huggins and Ellis were the former owners of the business, having acquired it from Acrow Group in 1996.
Thos Storey Fabrications makes buckets and shovels for JCB, Caterpillar and Terex. It has recently sought to diversify into agricultural machinery with a bale spreading attachment for telehandlers.
Sales had topped £27m in 2007 but were just £11.5m in 2014 and even lower in 2015. It appointed Begbies Traynor as administrator last month after sales slowed and cashflow problems emerged.
It was acquired by a new business controlled by David Houghton, founder of Chester-based accountancy firm Bridge Houghton.
Joint administrator Paul Stanley said: "This type of assignment typically arises just before the holiday period and requires urgent attention due to the critical cash flow position.
"All December wages were covered pre-Christmas and we were able to successfully complete a sale of the business as a going concern shortly after our appointment. This has protected over 100 Manchester-based jobs and should secure the long term future of this reputable, well established business.
"There has been a trend over recent years for manufacturing businesses to be relocated overseas which in my view can’t always be right for the local economy. It is good therefore to see local investors having the faith to finance the rescue of this business through the administration process."
David Houghton said: "We have acquired a restructured business and we have a strong balance sheet, a fabulous workforce and state of the art technology. We intend to continue and build upon the relationships with customers and suppliers that Thos Storey has built over 50 years.”
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