TETROSYL BUYS FACTOR CHAIN

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

EAG UPGRADES WAREHOUSE MANAGEMENT

Leeds-based firm install MAM warehouse management system

Read More

SEMI-AUTOMATED BATTERY ASSEMBLY LINE ESTABLISHED

Comau UK chosen to implement highly automated production

Read More

ECP START ELECTRIC VAN TRIAL

A pair of electric vans have joined the fleet at Euro Car Parts’ Isle of Wight branch.

Read More

CAT CONVERSATIONS: GARAGE OF TODAY, TOMORROW AND THE FUTURE

Don’t miss out, sign up to CAT’s latest webinar on 21st April right now

Read More

£10 MOT OFFERED BY AGGREGATORS

GoCompare has struck a deal with garage comparison site Who Can Fix My Car

Read More

Go to comments

Your email address will not be published.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