Thu, 05 Oct 2023 | BUSINESS SALE
Two MRO (maintenance, repair and operations) distributors with operations in Yorkshire, Lancashire and Merseyside have been acquired out of administration. Repair Maintenance & Overhaul (RMO) and Gatley Fluid Power, which are both registered in Grimsby, have been acquired by Brighton-registered RAP Industrials.
RAP Industrials has acquired the business and assets of both companies as a going concern from James Hitchens and Chris Petts of Grant Thornton UK, who were appointed as joint administrators of the RMO and Gatley group of companies.
The firms are distributors of all MRO products, including electrical, mechanical, hydraulics and pneumatics, instrumentation and engineering consumables. Following the acquisition, which secures all 33 jobs at the companies, operations will continue at all of their existing trading premises.
RAP Industrials directors said that they were “confident that the skilled workforce, its experience and the facilities at the RMO and Gatley sites, coupled with our support, will enable the further development of these businesses.”
Joint administrator James Hitchens said: “We are very pleased to have completed a going concern sale of the businesses, which secures the continued employment of a loyal and skilled workforce in these challenging economic times, particularly for the trade distributor sector.”
“RAP Industrials is well placed to offer a platform from which the businesses can develop and continue to serve their commercial and industrial customers in the future.”
In its accounts for the year to November 30 2022, RMO Ltd had fixed assets of £278,121 and current assets of £5.6 million, with net assets amounting to £548,746. Gatley Fluid Power Ltd, meanwhile, had £203,615 in fixed assets and £513,312 in current assets, with net assets standing at £64,905.
Buying businesses out of administration during tough economic times can deliver huge value, but rigorous due diligence is more vital than ever in such acquisitions
This is an exciting prospect to acquire a well-established heavy and precision engineering business serving both UK and European markets.
Opportunity to acquire a renowned mechanical and electrical company in Hampshire known for its commitment to excellence and industry trust.
This well-established engineering company in South Somerset boasts an excellent reputation and a loyal workforce, offering a comprehensive range of in-house manufacturing solutions that cover both machining and welding.
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