320 jobs saved as manufacturer sold out of administration
Retford-based Icon Aerospace Technology and Silentbloc have been sold out of administration in a pre-pack deal to a new company controlled by management, which will be known as Crosslink Technology Holdings.
Alex Williams and Sam Woodward of EY were appointed as joint administrators of Icon Polymer Group on 17 December.
Barclays is supporting the transaction with new debt funding and will be a minority shareholder in Crosslink Technology Holdings.
The companies, with a combined turnover of £28m, have been trading for 150 years and provide highly-engineered polymer products to blue-chip customers in the aerospace, defence, rail and commercial vehicle sectors.
Icon is the largest private sector employer in Retford, Nottinghamshire, employing 230 staff. Silentbloc, based in Burton-on-Trent, Staffordshire, employs a further 90 people.
LDC is exiting the businesses and the management team, led by Craig Harris and James Hill, will take the businesses forward with support from Barclays.
Craig Harris, director at Crosslink, said: “Our businesses both have over 150 years of heritage and with Barclays’ support we have a great opportunity for further long term development, building on strong order books into the aerospace, defence and rail markets.”
EY’s Transaction Advisory Services team, led by Ben Wildsmith, Alex WiIliams and Kris Aspin, advised on the transaction, supported by Pinsent Masons. Browne Jacobson advised the purchaser.
Ben Wildsmith said: “The group occupies an enviable market position, producing a range of high-quality products to a blue chip customer base, with which it has built strong, long-term relationships. The group is well placed for growth and we wish Craig and the business all the best for the future.”
