Thu, 29 Feb 2024 | BUSINESS SALE
Administrators have completed the sale of Bawtry Carbon’s site in South Yorkshire. Bawtry Carbon Limited, a manufacturer and supplier of carbon cathode blocks and ramming pastes used in aluminium smelting, fell into administration last month, with the majority of the firm’s 105-strong workforce made redundant.
Despite private equity backing and a strong position as a 100 per cent exporter in a niche European market, Bawtry Carbon fell into administration as a result of financial challenges, including the COVID-19 pandemic and rising prices for energy and raw materials.
In the year ending December 31 2022, the company reported turnover of £25.8 million, up from £21.3 million a year earlier, but gross profit fell from £3.9 million to £1.5 million, while post-tax profits fell from £1.9 million to just under £1.3 million.
Grant Thornton’s Philip Stephenson and Chris Petts were appointed as joint administrators on January 31 and have now completed a sale of the company’s 57-acre Doncaster site, along with plant and machinery, for an undisclosed sum to Watling Real Estate, acting on behalf of private clients.
The site, a former brickworks, is situated in the centre of Austerfield in the Borough of Doncaster, and has an extensive frontage to the village’s High Street.
Alex Sweetman, a director of Watling Real Estate’s Leeds office, said that the firm had moved swiftly to conclude a deal on behalf of the clients.
He commented: "We were able to complete the transaction in just two weeks. This site is a fantastic opportunity for our clients. It is a large-scale brownfield site located in the residential community of Austerfield and Bawtry.”
"Our clients showed commitment and were able to move quickly to close the deal, illustrating the confidence we're seeing in the current market for well-located assets with potential. Moving forward, we look forward to working with our clients on forthcoming plans for the property."
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