Normal service resumed for Pontefract company

The company can now move forward again as a business, returning to its roots and its core business of Industrial, Turret and MK5 nuts. According to Ken Lord, the company's managing director, Philidas has been involved in some tough business decisions that have had a negative effect on the brand and the product. As a result of this a revitalised management has taken fresh ideas to change direction and revert back to its core business to secure a positive future for the brand. Philidas now feels it can move forward in a professional manner after securing full backing from the banks and management funding. Target delivery dates are now aimed to be four to six weeks from order receipt for 95% of the products that can be manufactured. Lord commented: "It has been a long and hard three months dealing with administrators and machinery purchasers but now the Philidas brand is safe we are excited about distributing the product back into a demanding market." A spokesman from one of Philidas' distributors Francis Kirk (Socket Screws) commented: "It is fantastic news for the industry and for all involved that the Philidas brand has been saved. It carries a lot of history along with a high quality product that is specified within specific sectors. We are looking forward to working with Philidas and other distributors to develop the brand back to where it should be as the market leader of all metal locking nuts."