Fri, 10 Mar 2023 | ADMINISTRATION
Administrators from Interpath Advisory are seeking buyers for the business and assets of two major manufacturing firms based in the Midlands. Accrofab Limited and Bromford Industries Limited were placed into administration on March 9, with Interpath’s Chris Pole and Ryan Grant appointed as joint administrators.
The two companies supply global firms in the defence, aerospace and power generation industries. They are based across three sites in Alcester, Derby and Leicester and specialise in precision manufacturing and fabrication of components.
Over recent years, the businesses have been impacted by headwinds including a downward trend in demand following the COVID-19 pandemic, supply chain disruption and rising costs for energy and raw materials.
Furthermore, despite the Alcester and Derby facilities continuing to trade strongly, the Leicester site experienced operational issues which exacerbated the liquidity challenges that the companies had been facing.
Despite the appointment of administrators, the businesses will continue to trade while buyers are sought, with all members of staff to be retained during the process.
Joint administrator Ryan Grant commented: "Over the past 50 years, Bromford Industries has forged an excellent reputation as a tier one supplier of fabricated and machined components to the aerospace, defence and power generation sectors.”
"We have been pleased with the positive conversations and financial support provided by customers in recent days, which has ultimately provided the businesses with a crucial lifeline. We’d also like to extend thanks to the companies' employees for their support and understanding while this process has been underway.”
"Our priority is now to seek buyers for the businesses and assets, and would urge any interested parties to contact us as soon as possible."
Read about finding M&A value during an economic downturn.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
The company operates as a specialist designer and crafter of bespoke furniture, interior joinery and luxury drinks cabinets for high-end clients around the world.
A specialist manufacturer and distributor of engine parts, sourced from around the world. Circa 375 active customers, gaining repeat, reliable business from 90%.
This is an established designer and producer of homewares and lifestyle gifts. It operates from a leasehold premises and has an established loyal customer base.
Landscaping firm set to pass £20m turnover as it unveils latest acquisition | BUSINESS SALE
UK Landscapes, a private equity-backed landscaping firm base...
Steel group acquires majority of counterpart’s assets from administrators | ADMINISTRATION
Barrett Steel has completed the acquisition of the majority ...
Video surveillance firm sold out of administration | ADMINISTRATION
Video surveillance provider Cloudview has been sold out of a...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.