But Lila Thomas and David Acland from Begbies Traynor have now negotiated the sale of the business and assets to Congleton-based HMK Automation, an independent supplier of drive automation products. The deal has saved ten jobs.
The new business, JPT Mechanical Drives Ltd, will initially continue to trade from the same Staffordshire address, with the same team and using the existing trading name.
HMK Automation chief executive Carl Krajewski said: "As a business, we've been seeking to enhance our mechanical power transmission product offering for some time and Jacksons provided us with ideal opportunity to complement our existing products and services.
"We would like to assure all customers that we'll be working tirelessly to maintain our levels of customer service and performance."
Krajewski added that he hoped JPT Mechanical Drives will achieve a turnover of £5m within three years, up from its current £2m total.
"We're also aiming to relocate to larger premises within the area to provide greater capabilities for handling heavier gearboxes and motors and to develop an electromechanical projects business to provide our end user customers with turnkey solutions," he said.
Begbies Traynor partner Lila Thomas added: "This sale has not only protected vital jobs in the region, but has also provided an ambitious company with the opportunity to expand its own offering and turn around the fortunes of Jackson's Power Transmission by implementing a determined growth plan."