Fri, 15 Nov 2024 | ADMINISTRATION
A Lincolnshire manufacturer has been bought out of administration saving over 100 jobs.
MTAG (Holdings) Limited and Electric Future Group appointed Gareth Harris and Deviesh Raikundalia of RSM UK Restructuring Advisory LLP as joint administrators on July 12th this year.
Formed in Coningsby in Lincolnshire twelve years ago, MTAG Composites is the trading company in the group which manufactures composite parts for the rail, aerospace, automotive, construction and leisure sectors.
This includes train interiors, aircraft seating and pleasure craft for blue-chip clients such as Hitachi and Bombardier.
According to the company website MTAG has developed a complete in-house production system with the capability to develop and construct its own moulds & Jigs, produce from one off’s to hundreds of thousands of moulded composite parts using a wide variety of resin systems.
Following RSM’s appointment operations were temporarily ceased to assess the trading position. However, since July 19 it has continued to trade the composites business with the support of its skilled workers and key customers whilst seeking a sale of the business and assets.
As a result of that process the business and assets of MTAG Composites were sold on November 14 to a new entity called GRP Alliance. It intends to continue to trade from the existing site in Lincolnshire and have the first option to purchase the assets of MTAG (Holdings).
Raikundalia, Restructuring Advisory Directory at RSM, said: “We are delighted to have preserved specialist employment in the local economy. We also welcome the new investment that the purchaser is providing for MTAG, which ought to secure its long-term future and create a platform for growth.”
MTAG’s latest available accounts show that the firm employed around 120 people before it entered administration. Documents show that the firm owed over £4.3 million to creditors when the administrators were called in.
RSM was advised by Sarah Foster, Natalie Bromley and Jawad Ilyad from Addleshaw Goddard solicitors, with support from Sanderson Weatherall agents.
Click here to download our free guide on finding and buying distressed businesses and assets
Opportunity to acquire a group specialising in the manufacture and distribution of e-liquids with a strong foothold in this niche market and potential for further expansion through enhancing sales operations.
For over 12 years our client has been manufacturing a market leading product, supplying the candle manufacturing sector, supporting all types of clients from large producers down to small hobbyists. The knowledgeable and friendly staff help clients s...
The company is well-established and operates from a third party owned quarry in Lincolnshire. The business quarries, manufactures and supplies a range of aggregate products, gabion stone and provides associated products and services throughout the Un...
22
|
Apr
|
UK administrations update: April 16 - 22 | ADMINISTRATION
Since our last update, the following businesses have been co...
22
|
Apr
|
MII selects employee ownership | BUSINESS SALE
Caerphilly engineering firm MII Engineering has transitioned...
21
|
Apr
|
Sybron undergoes management buyout | MBO/MBI
Sybron, a supplier of cleaning, hygiene and catering product...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.