Fri, 13 Oct 2023 | BUSINESS SALE
A Leicestershire-based noise control business dating back to the 1890s has been acquired out of administration. Hodgson Acoustics Company Ltd has been acquired by Wiltech Acoustics Ltd, an associated company of WB Power Services Ltd, which provides critical power, maintenance and hire services for organisations including data centres and hospitals.
In its most recent accounts at Companies House, for the year ending December 31 2021, Hodgson Acoustics Company reported turnover of £7.1 million, up from slightly over £4 million a year earlier. However, the company fell from a pre-tax profit of £370,856 to a loss of £127,133. At the time, its net liabilities amounted to £50,689.
The company, which employs 80 staff, fell into administration last month as a result of capacity and efficiency issues, which caused delays to ongoing orders, subsequently leading to the business experiencing cashflow problems.
RSM UK Restructuring Advisory LLP’s Glen Carter and Phillip Sykes were appointed as joint administrators of the business on September 20 2023 and have now secured a sale of the business and certain assets to Wiltech Acoustics Ltd, including the transfer of all 80 staff.
Hodgson Acoustics serves the industrial noise control and acoustic sector and specialises in the design, manufacture and installation of acoustic canopies. The acquisition will give Wiltech Acoustics full control over the manufacturing process and expand their offering of bespoke acoustic solutions for businesses.
RSM UK Restructuring Advisory Director and joint administrator Glen Carter commented: "We are pleased that this sale has resulted in the continued employment of all staff and minimised disruption to key customers of the business.”
"We are confident that the transaction has secured the best possible outcome for creditors given the circumstances and wish the purchaser all the best as they take the business forward."
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