Tetrosyl has bought factor chain Godfrey Automotive Parts Limited for an undisclosed sum, in a deal which will add the £6m turnover business to Tetrosyl’s portfolio.

The automotive product manufacturer, which already has an annual turnover of £80m, bought the Godfrey chain just nine days after it had been placed into administration. The company had owed creditors around £2.5m. That debt included £500,000 owed to HMRC.

Tetrosyl now owns Godfrey’s chain of seven stores and distribution centres, with its head office in Grimsby. All 77 jobs at the sites have been saved, and the previous management team will also stay on board.

All of the Godfrey Autoparts stores remained open during its administration period while a buyer was sought. Joint administrators Rob Sadler and Bob Maxwell from corporate recovery firm Begbies Traynor quickly opened negotiations with Tetrosyl.

Rob Sadler said: “Our corporate recovery teams from all over Yorkshire helped to get a grip on the individual depots, and we were able to undertake an accelerated M&A process and drove a deal that will recover 100 percent return for secured creditors and saves the jobs of everyone at the firm.”

Recovery specialist Irwin Mitchell, which acted as an adviser during the deal, said that it hopes the company is able to thrive under its new leadership.

Published by Darrenmoss

CAT magazine's in-house reporter and self-confessed petrol head

GSF Car Parts completes network rebrand

Following rebrand, CEO wants to ‘draw a curtain on this period of transition’

Read More

AAG buy out Linings & Hoses

Three-branch CV business is the latest firm to become part of business group

Read More

Melett: Nickel price is increasing turbocharger costs

Ukraine war is driving up prices, sys turbo company

Read More

Ben ‘Big Breakfast’ planned for Mental Health Day

Industry charity plans fundraising community event in October

Read More

Dunlops Auto shop opens in Paisley

Third branch for Glasgow retailer

Read More

Go to comments

Your email address will not be published. Required fields are marked *