Pritex Ltd to be sold by Steinhoff International

Thu, 02 Aug 2018 | BUSINESS SALE

Employees of Wellington based Pritex Ltd have been informed that the business may be sold.

Pritex, a manufacturer of acoustic and thermo-acoustic insulation products for a diverse range of automotive and industrial markets is owned by South African parent company, Steinhoff International.

The business was hit by an accounting irregularity scandal earlier this year. Following the scandal, a two-year loan was arranged to ensure investment to maintain Steinhoff's manufacturing and retail arm. And now the company is looking for growth opportunities.

Managing director of Steinhoff UK Manufactoring Group, Alan Chapman said: "Following the unexpected events with our South African parent company, I can confirm we have notified all employees that we have started a process to market the Pritex business for a potential sale.

"In the last few months, the board and Pritex's shareholders have been in discussions about the next steps in the development of the business, and they believe the timing is right to conduct this exercise.

"I see exciting opportunities for Pritex to grow into other manufacturing sectors and into broader regional markets, particularly the European Union.

"That growth should provide job opportunities and ensure the continued success of our business in Wellington.”

Although the sale is not considered certain, potential buyers will be considered if they have a reasonable offer and want to become involved in the long-term strategic growth of the business.

Mr Chapman added: "The UK funding obtained at the start of this year remains in place, and the Steinhoff International Group has also recently announced that is has secured agreement from its creditors on a refinancing plan for the next three years.

"The Relyon bedding business is performing well in a tough retail environment. We are investing in the Wellington site for the long term, which includes work on refurbishment of buildings and a new fleet of vehicles."

The management team will remain unchanged with a focus on growing the bottom line.

For more news stories about businesses for sale click here.

For all our business for sale listings, click here.


Share this article



Latest Businesses for Sale

Manufacturer of Specialist Seating
UK Wide

Manufactures a range of specialist seating for those with debilitating conditions, including neurological conditions, along with specialist paediatric care chair manufacturing. Unlimited bespoke manufacturing capabilities. Serves a range of sectors i...

Asking Price: Offers Invited
Turnover: £1,000,000

LEASEHOLD


Vacuum Forming & Fibreglass Moulding Manufacturer
Essex, South East, UK

Provides a one-stop solution for customers in multiple sectors, including aerospace, defence, automotive and rail.Client base comprises well-established businesses with strong working relationships, with some in place for over 30 years.Utilises a hig...

Asking Price: Offers Invited
Turnover: £3,400,000

LEASEHOLD


Specialist Bottlers of High-Value Spirits
Scotland, UK

Specialist bottling company with a niche in short-run bottling of high-value Scotch Whisky fine rums brandy & gin. Provides a turnkey service including storage re-racking finishing & reworking of bottled goods. Offers invited.

Asking Price: Offers Invited
Turnover: £1,129,000


View more businesses for sale

News Search

Latest News

 
07
 
Aug
 

Wrexham-based wire firm falls into administration | ADMINISTRATION

Wire manufacturer Wrexham Wire has fallen into administratio...

 
06
 
Aug
 

Leading UK tour operator Ski Weekends enters administration | ADMINISTRATION

One of the UK’s leading ski tour operators Harris Holi...

 
05
 
Aug
 

Pizza Express puts itself up for sale and looks to close 67 outlets | BUSINESS SALE

Pizza Express has announced that it is seeking a buyer for i...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources