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