Fri, 11 Aug 2023 | BUSINESS SALE
A West Midlands-based manufacturer of portable buildings has been acquired out of administration by a new connected entity in a pre-pack deal. Halletts Group Limited fell into administration on August 2 2023, at a time when many manufacturers are struggling with inflation, supply chain disruption and soaring energy costs.
Conrad Beighton and David Griffiths of Leonard Curtis were appointed as joint administrators to the firm after it had run into financial difficulties amid substantial debts and the impact of the cost of living crisis.
The joint administrators subsequently secured a pre-pack sale of the business and its assets to Halletts Spaces Limited, in a deal that sees all jobs at the firm transferred to the purchaser under TUPE regulations.
Joint administrator Conrad Beighton commented: "The pre-packaged sale achieved represents the best outcome for the company's creditors as a whole and has resulted in the successful transfer of all jobs to the new entity."
Founded around 30 years ago, Halletts Group initially traded as a freight and haulage operator, before the haulage operation ceased in 2021. Since then, the group has diversified into a supplier of bespoke buildings, as well as a converter of steel container into living and work spaces.
In the group’s accounts for the year ending December 31 2021, its fixed assets were valued at close to £1.4 million and current assets at around £1.2 million. However, the company owed creditors £1.1 million falling within one year and £1.3 million falling after more than one year, leaving it with net assets of £106,615.
Read about the headwinds facing UK manufacturing firms.
Pre-pack administrations can be a highly effective way to save a business, but they have also attracted an increasing degree of scrutiny. Read about the impact of the latest regulations surrounding pre-pack acquisitions.
An experienced designer and manufacturer of co-extrusion dieheads and provider of general CNC machine work to clients.
LEASEHOLD
This is a well-developed, cash-generative business owned and operated by its current management team since 2006.
Long established trade supplier of marble, granite, slate and limestone quality fireplaces and worked materials.
LEASEHOLD
27
|
Sep
|
Potential buyers sought as Dundee glazing firm enters administration | ADMINISTRATION
Logie Glazing and Building Services, a Dundee-based construc...
27
|
Sep
|
TalkTalk poised to sell £150m B2B division as part of demerger | BUSINESS SALE
As part of its planned demerger, telecoms giant TalkTalk is ...
27
|
Sep
|
Manufacturer expands materials handling division with acquisition | BUSINESS SALE
Wakefield-based machinery manufacturer Group Rhodes has acqu...
Business Sale Report is your complete solution to finding great 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.