Sun, 06 Feb 2011 | BUSINESS SALE
Chesterfield car windscreen supplier, Auto Windscreens, is reportedly in financial difficulty and looking for a buyer or investors.
Lloyds, the company’s bankers, are in discussions with several business turnaround specialists with the specific objective of securing emergency investment for the company. Understandably concerned about its exposure, the bank has enlisted the help of Deloitte, whose insolvency partners are standing by should it be deemed necessary to place the business into administration.
Auto Windscreens, which was set up in 1971, employs around 1600 people. In addition to a state-of-the-art factory in Chesterfield, the company runs a fleet of several hundred mobile service units and has a nationwide network of fitting centres.
But despite recent restructuring attempts and cost control measures, debts could not be reduced in a tough operating environment that saw big reductions in turnover. Revenues had dropped from to 99.4m in the year to December 31st 2008, to 77.3m in the year to December 31st 2009, with a net loss of £5.3m.
According to one of the mobile fitters who works for the company, there are only 300 of them now - down from 700 a couple of years ago. He added: "Fitters now have to travel 300 miles per day - up from 100 miles per day - for fewer jobs, with fuel prices constantly rising".
The company was sold by Aviva in 2008 to Arques Industries, a German private equity firm for a relatively token sum. Arques transferred ownership in December 2009 to Moguntia Invest GmbH, a business controlled by Arques executive Christian Daumann.
Read the latest update on Auto Windscreens.
A leading engineering firm focusing on electric power steering solutions and bespoke wiring harnesses serving various industries. It operates as two entities both reputable for maintaining high standards and offering bespoke solutions for clients. In...
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
02
|
May
|
Scottish law firms WJM and Davidson Chalmers Stewart merge | MERGER
Scottish law firms Wright, Johnston & Mackenzie LLP (WJM) an...
01
|
May
|
Cybersecurity firm Brigantia bought by European peer | BUSINESS SALE
North Yorkshire cybersecurity distributor Brigantia Partners...
01
|
May
|
Historic pottery company Moorcroft goes out of business | ADMINISTRATION
The directors of 128-year-old Moorcroft Pottery have announc...
02
|
May
|
Scottish law firms WJM and Davidson Chalmers Stewart merge | MERGER
Scottish law firms Wright, Johnston & Mackenzie LLP (WJM) an...
01
|
May
|
McCann and Partners undergoes an MBO | MBO/MBI
A team of five directors at South Wales engineering and buil...
01
|
May
|
Historic pottery company Moorcroft goes out of business | ADMINISTRATION
The directors of 128-year-old Moorcroft Pottery have announc...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.