Thu, 12 Sep 2024 | BUSINESS SALE
Fablink Group, a metal manufacturing group with six sites across the UK, has been acquired in a deal that saves more than 500 jobs. The group has been acquired by Ensco 1 Ltd, which will now be known as Wharfside Industrials, and its subsidiaries.
The deal involves seven pre-pack deals completed following the appointment of Interpath Advisory’s Chris Pole and Ryan Grant to companies that formed part of the Fablink Group on September 12.
The pair were appointed as joint administrators of Fablink Limited (FL), Fablink Tank Systems Limited (FTSL), Streamline Panels and Assemblies Limited (SPAL), Fablink Group Holdings Limited (FGHL), Fablink Cab Systems Limited (FCSL), Fablink Group Holdings Limited (FGHL) and Fablink Toolspec Limited (FTL).
Immediately upon their appointment, the business and assets of the companies were sold to the new group, with all 521 employees transferring as part of the deal.
Fablink Group was a manufacturer specialising in the production of metal pressings, fuel and hydraulic tanks, operator cab assemblies and the “clean build” of vehicle assemblies. The group traded from sites in Durham, Northampton, Wolverhampton, Brixworth, Luton and Evenwood.
Over the past two years, the company has experienced liquidity challenges as a result of several adverse events, including delays in receiving grant funding for its relocation to a new site in Wolverhampton and the insolvency of a customer, causing significant bad debt. The group’s directors subsequently sought to explore its available options, including a sale, as well as investment, refinance and restructuring.
Joint administrator and Interpath Managing Director Chris Pole commented: "Fablink has built a strong reputation over the years for its cutting-edge technology and innovative manufacturing processes, but had faced a number of challenges in recent times that threatened the long-term future of the business.”
"This outcome secures the future of the Fablink Group and safeguards employment for over 500 staff. We wish the team all the best as it forges a new future."
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