Thu, 12 Oct 2023 | BUSINESS SALE
A metalworks firm based in West Yorkshire has been acquired out of administration by a member of its existing management team. Calder Metal Spinning Company, which claims to be one of the UK’s oldest metal spinning companies, filed a notice of intention to appoint administrators earlier this week.
The company says it was forced into administration as a result of a bad debt, but its future has now been secured following the sale, which was overseen by administrators Leonard Curtis and Skipton Business Finance.
A company spokesperson said: “Business is as usual. All orders that have been received will be processed as required with no change across the board.”
“The reason for the administration was a bad debt to the company of £490,000. Only by the hard work and determination of the senior management team were they able to save the company and safeguard the jobs. Skipton Business Finance and Leonard Curtis have overseen and supported the transaction.”
Calder Metal Spinning Company has been trading since 1947 and is based at Calder Trading Estate in Brighouse. The company’s operations cover spinning of all types of metal using traditional hand spinning methods, as well as automatic lathes. It serves a wide array of industries, including automotive, food processing, aerospace and scientific.
In the company’s most recent accounts, covering the year ending February 27 2022, its fixed assets were valued at £268,126 and current assets were valued at £1.4 million, with net assets amounting to £526,183.
Sales to connected parties via pre-pack administrations can be a valuable way of securing the future of viable businesses that have run into financial difficulties. However, such transactions have also come under increasing scrutiny, with concerns centering around the marketing process and perceptions that sales could be orchestrated in a pre-meditated fashion in order to free businesses of debts while retaining their existing management and ownership structures.
These concerns, combined with a previous lack of regulation for pre-pack sales to connected parties, led to the introduction of new regulations in 2021. Find out how these new rules have impacted pre-pack sales in this dedicated analysis.
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