Deal sealed to secure the future of long-standing Southampton manufacturer
Our Restructuring and Advisory Division have sealed a deal which rescued Southampton manufacturing business, Williams Aerospace. The sale of the business and assets coincides with a sale of the freehold property owned by holding Company, D&R Fripp Ltd.
Our Restructuring and Advisory Division Director, Kelly Mitchell, and Chief Executive, Carl Jackson were appointed Joint Administrators of both companies on 2 February 2023, following a police raid on the business premises situated in Victoria Street in Southampton’s Northam district. A cannabis factory located in a disused office was discovered and, upon the find, police sent all 13 members of staff home, the business immediately ceased to trade and staff wages went unpaid.
Williams & Co Ltd is a well-established aerospace engineering firm, established in 1935 and employs a long standing, loyal and highly skilled specialist team. According to its latest accounts filed in February of 2022, it reports revenues of £795,720.
The business and property were acquired by T&G Engineering Holdings Limited on 13 April 2023. The acquirer is not connected to the previous Directors of the business.
A small number of redundancies were made, to support the ongoing viability of the business, but the majority of jobs have been saved.
Our Restructuring and Advisory Division Joint Administrator Kelly Mitchell said: “The unfortunate events which led to the business ceasing to trade had a catastrophic effect on staff and customers. When appointed, we knew there were many obstacles to overcome, in order for us to achieve a positive outcome.
“I am very grateful to the staff, who engaged with us and returned to work which allowed us to recommence trading. I was also delighted to secure the support of a major customer, whose ongoing trading commitments helped us to secure a buyer for the business. The secured lender to the business, Lloyds Commercial Finance, provided us with ongoing support, allowing us to trade the business whilst we marketed it for sale.
“Notwithstanding the challenging economic headwinds facing businesses, it has been quite some time since I’ve advised a business with circumstances as severe as they were at the time of our appointment. I am delighted to have achieved a sale of the business and the freehold, and to have secured the future of this Southampton manufacturer.
“I’d like once again to thank staff, customers and Lloyds Commercial Finance for their support in helping us achieve a tremendous outcome.”
