Mon, 20 Mar 2023 | ADMINISTRATION
Cromwell, a supplier of maintenance, repairs and operations services based in Leicester, has acquired part of industrial supplies firm Monks & Crane, which collapsed into administration in February after suffering COVID-19-related losses.
Monks & Crane was founded in 1862 and grew to become a major supplier of industrial products to clients across sectors such as aerospace and oil and gas. The company, which was acquired by investment firm GIL Investments in 2018, reported turnover of nearly £40 million in 2022, but succumbed to COVID-19-related losses, exacerbated by supply chain issues, inflation and rising borrowing costs.
Despite management exploring a turnaround strategy, an inability to secure funding meant the company could not continue trading and administrators from RSM UK Restructuring were appointed in February 2022, launching a sale process for the firm’s business and assets.
Cromwell has now secured a deal to acquire part of Monks & Crane’s business. The firm will acquire three branches (Cardiff, Heathrow and Hook), along with assets including stock, vending machines and some customers.
Commenting on the acquisition, Cromwell Managing Director Neil Jowsey said: “Monks & Crane has been an admired competitor over the years and it is truly sad to see this happen.”
“We have been working closely with the administrators and management of Monks & Crane to see how we could keep elements of their operations going, provide continuity of service for customers and, importantly, provide a home for some of their team.”
“Our core purpose at Cromwell is to keep our customers’ operations running and their people safe. Monks & Crane’s customers have unfortunately had several uncertain weeks, so our focus is on getting support to them as quickly as possible.”
“The newly acquired locations of Hook, Heathrow and Cardiff provide a great opportunity to accelerate our expanding customer footprint along with adding some key strategic customer accounts to our portfolio.”
One of the best ways to find properties below market price is to look at recent administrations.
Find businesses for sale here.
Long-established hardware retail company with more than two decades of experience offering an extensive range of household hardware products such as tools and supplies for decorating DIY and gardening as well as electrical appliances cookware lightin...
A highly reputable and rapidly expanding gift book publisher supplying emotive gifts under its trademarked brands to the trade (book wholesalers independent gift shops department stores and online retailers) and retail sectors within international gi...
Rapidly expanding online retailer of distinguished garments and accessories serving a diverse client base comprising both B2B and B2C custom. Using in-house printing and manufacturing software the company has cultivated a unique portfolio of clothing...
Please choose your settings for this site below. For more information please read our Cookie Policy
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.