Trouble on the tracks - rail rescue seems to be a deal for our times

Our weekly free round up of key deals and major moves in the Rainmakers world

Hello Rainmakers

There are some familiar themes on our round of deals from around the country this week, hot on the back of Sheryl Moore’s deep dive into the world of the administrators and turnaround specialists yesterday.

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A historic locomotive maker has been pulled back from the buffers after being acquired by Clarke Chapman, putting the business firmly back on track.

The Nottinghamshire-based engineering group has snapped up the assets of Burton-on-Trent train specialist Clayton Equipment from administration, preventing the business from hitting the end of the line.

Completed earlier this month, the deal sees the operation relaunch as Clayton Locomotives Limited under new ownership.

Known globally for its zero-emission locomotives, Clayton had stalled late last year, with administrators appointed in December.

Clarke Chapman beat off rival bidders to secure the assets, with plans now to reopen the factory, rehire staff and build momentum as the business approaches its 100th birthday.

Administrators said speed was critical to avoid a total derailment, while Clarke Chapman says the acquisition puts a respected name in UK engineering back on the right track - with fresh investment, fresh energy and a long journey ahead.

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Fears have emerged for a Manchester steel fabricator and more than 100 jobs at the Openshaw business after it filed a Notice of Intention to appoint an Administrator.

Thomas Storey Fabrications, which is best known as the original manufacturer of the Bailey bridge system during World War 2, was saved, along with the jobs of its 110-strong staff, in a pre-pack sale in June last year.

However, concerns were raised after trade union, the GMB, rang alarm bells after the firm’s workforce was laid off.

The story about Thomas Storey Fabrications in East Manchester isn’t over. Last June we reported how jobs were saved in a pre-pack deal involving a familiar name to these pages; Baaj Capital, who were also involved with In The Style Fashion, Bodycare and Huboo.

However, the deferred payment for the assets of Thomas Storey, which was due six months later, was never paid. The administrators RSM say they may have to commence formal recovery proceedings and enforce the guarantee provided by Baaj.

None of us at Rainmakers Towers can work out what the plan is with Baaj and mystery surrounds the owners, the brothers Jaswinder and Dalwinder Singh. We would be very grateful if anyone who understands such things would explain where they make their turn, and how.

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Trojan Energy has hired Interpath Advisory to conduct a strategic review and sound out the market on a potential sale to investors.

The move comes amid uncertainty in the electric vehicle market due to changing government policy. The Stonehaven-based business provides on-street and kerbside charging technology.

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Balfour Beatty is set to take the wheel on a major Midlands highways maintenance contract worth up to £900m, after cruising past the competition in a joint procurement exercise by three local authorities.

The seven-year deal has been awarded to Balfour Beatty Living Places by Warwickshire County Council, Coventry City Council and Solihull Metropolitan Borough Council, bringing their long-term highways maintenance programmes into a single lane.

The contract is scheduled to run from May 2026 to May 2033, with options to extend for up to a further six years - potentially keeping Balfour Beatty on the road until 2039.

Under the agreement, Balfour Beatty Living Places will be responsible for keeping the region moving, maintaining and improving roads, structures and associated highway assets across all three council areas.

The councils say the joined-up approach should smooth the journey by improving value for money, boosting road safety, reducing disruption for motorists and cutting the environmental impact of works.

A standstill period is in place until 19 January, with the paperwork expected to be signed in early February - clearing the way for mobilisation ahead of a May 2026 start.

If all stays on track, it will be a long-term run for Balfour Beatty, charged with filling potholes, strengthening structures and making sure the Midlands’ highways don’t hit any unnecessary roadblocks.

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Yorkshire continues to be a happy hunting ground for major international investors searching for attractive acquisition opportunities. This week, it has been Sheffield-based engineering and manufacturing business, Tufcot Engineering, which has caught the eye of an overseas outfit. It has been acquired by Sweden-headquartered Dacke Industri, which focuses on buying companies across Europe in the tech and industrial sectors.

Tufcot Engineering has been in business for 44 years, employs 55 people and specialises in the development and manufacturing of composite materials and engineering components. It makes machine parts used across various industries globally, including the marine, automotive, railway, hydraulics and other diverse industries. Dacke Industri says the deal represents a “strategic milestone” in strengthening its European footprint.

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EA Technology has flicked the switch on its acquisition strategy, snapping up voltage control specialist Fundamentals in a deal backed by growth partner Summa Equity.

It’s the first deal as EA Technology looks to consolidate grid-edge technologies – those clever bits of kit that help electrical networks handle the shift to low-carbon power.

EA Technology’s executive chair Amanda Mesler called it “a first step in a programme of M&A activity”, signalling the Chester-based group’s ambition to become a software-first platform business.

Fundamentals has spent 30 years developing automated voltage control relays, now specified by every UK distribution network operator. The UK voltage control market is set to surge from around £32m today to £65m by 2030, driven by equipment replacement cycles and regulatory tailwinds.

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The Beauty Tech Group has announced this week that it has smashed its targets for the current financial year, reporting surging revenues for the year ended 31 December 2025 following its IPO in October 2025.

CEO Laurence Newman will be speaking at Rainmakers Summit this March, where he will tell the extraordinary, behind-the-scenes story of the company’s IPO and rapid post-listing growth.

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