Wed, 27 Jul 2016 | ADMINISTRATION
Labelling machine maker Harland Machine Systems Limited has been purchased out of administration.
Accraply Europe Limited, part of the international Barry Wehmiller Group, has bought the trade and assets of the company from its administrators at FRP Advisory LLP.
Russell Cash and Rajnesh Mittal were brought in as the joint administrators to Harland, and have secured the future of the business and its 70 employees, as well as continuity of trading, in the sale.
Based in Salford, Manchester, Harland manufactures bespoke labelling equipment for use in high volume production lines. Multinational household names, spanning the food and drink, pharmaceutical and hygiene sectors feature in its list of customers.
The company entered administration after battling recent financial difficulties, which created unsustainable pressure on its cash flow despite achieving a recent turnover figure of £12 million, to satisfy stakeholders and ensure a viable future.
Seamus Lafferty, the president of Accraply, said: “We are delighted that we have acquired such a great brand with an impressive history and are confident we can support its future development. This acquisition supports our long term strategy of developing and expanding our presence in Europe."
Although the purchase price was not disclosed, according to a source the amount paid was "at a substantial discount to market value".
Accraply Europe is based in Essex, and serves some similar markets to Harland; food, health and beauty, household and consumer goods. The company has enjoyed growth via strategic acquisitions of some well-known brands in the industry, including Stanford and Graham.
Search our list of businesses in administration
Relocatable. Long standing contracts. Significant room for expansion. International connections. Offers Invited.
RELOCATABLE
Fantastic Freehold restaurant opportunity in a quaint Somerset market town. With an immediate population of 45,000, and around 70,000 visitors annually, this restaurant benefits well from local and visiting trade. Offers invited.
FREEHOLD
Well-established debt collection agency in Southend-on-Sea. Essex. In close proximity to the M25. They are ideally located. Being a telephone collection agency, they are able to cater for clients countrywide. Offers invited.
LEASEHOLD
|
21
|
|
May
|
Specialist aviation company enters administration – assets and/or business up for sale | ADMINISTRATION
A specialist ultralight trikes aviation manufacturing compan...
|
17
|
|
May
|
Greater Manchester staffing firm acquires security services company | BUSINESS SALE
A security services business headquartered in Newton-le-Will...
|
16
|
|
May
|
Midlothian IT company enters administration with assets up for sale | ADMINISTRATION
An Edinburgh-based IT firm has collapsed into administration...
Sign up to receive our acquisition alert emails to get your FREE guide
|
05
|
|
Mar
|
Independent bathroom retailer enters administration | ADMINISTRATION
Thought to be the UK’s largest independent bathroom re...
|
21
|
|
Feb
|
Lakeside hotel enters administration | ADMINISTRATION
A historic but well-preserved hotel located on the banks of ...
|
16
|
|
Oct
|
Bloodhound Programme enters administration | ADMINISTRATION
The Bristol-based company that commissioned the project to b...
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