Mon, 21 Nov 2011 | ADMINISTRATION
Lincolnshire-based independent motor parts trader Godfrey Automotive Parts Limited has been bought out of administration saving 77 jobs.
The £6 million turnover business - which sold auto accessories, vehicle parts and tools - was bought by auto product maker Tetrosyl from the administrators, Rob Sadler and Bob Maxwell of Begbies Traynor.
Godfrey Automotive was placed into administration on 9 November with £2.5 million of debt to creditors and the HMRC. It continued to trade from its seven stores and distribution centres in administration while a buyer was sought.
The sale of the business and its assets was concluded on 18 November to Manchester-based Tetrosyl. A new company was created to take on the business, renamed Godfrey Autoparts Ltd, and is now owned by Maccess Group Ltd – a subsidiary of Tetrosyl.
Mr Sadler commented: “Our corporate recovery teams from all over Yorkshire helped to get a grip on the individual depots, and we were able to undertake an accelerated M&A process and drove a deal that will recover 100 per cent return for secured creditors and saves the jobs of everyone at the firm.”
“Godfrey Autoparts is an established and reputable independent parts retailer, and the business had every chance of thriving with the right owner and with proper funding in place,” Mr Sadler continued.
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