Wed, 16 Mar 2022 | ADMINISTRATION
Remy Automotive UK, the UK-based arm of the international Remy group, has fallen into administration, with Quantuma Advisory’s Paul Zalkin and Andrew Watling saying they are “hopeful” of rescuing “significant parts” of the business.
The Remy group has been operating since the 1890s and has grown to be a major global supplier of remanufactured automotive products, including starter motors, alternators, steering and brake assemblies.
Based in Coleshill, Remy Automotive UK is the group’s UK supply and distribution business, working as a sister company to its Europe-based counterpart in Belgium. In addition, the group also has manufacturing facilities in Tunisia and Hungary. As well as being appointed administrator for the UK arm, Quantuma is working as restructuring and M&A adviser to the Tunisia business and is working alongside colleagues in Hungary and Belgium.
Joint administrator Paul Zalkin said: "There is, undoubtedly, a fundamentally sound and viable remanufacturing sales and distribution business within the Remy group, of which Remy Automotive UK is an important part.”
"Historic group wide balance sheet issues can now be overcome using insolvency processes to restructure the assets. Working alongside my counterparts in Belgium, Hungary and Tunisia, I remain hopeful that it will be possible to rescue significant parts of the group."
Remy was previously funded by corporate and private US investment, receiving significant injections of emergency working capital during COVID-19. However, earlier this year, investors withdrew their support for the business.
Remy Automotive UK’s accounts at Companies House are currently overdue, with the most recent available accounts covering the year ending December 31 2018. In that year, the company saw its post-tax losses increase from £569,000 in 2017 to £1.95 million, with turnover standing at £13.1 million.
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