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
This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.
RELOCATABLE
Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.
LEASEHOLD
High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
|
22
|
|
Aug
|
Welsh technology firm plunges into administration | ADMINISTRATION
Thought to be one of the country’s leading ICT supplie...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
10
|
|
Jun
|
Historic Hull electrical engineering firm enters administration | ADMINISTRATION
An electrical engineering company, founded by William Shuttl...
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