Now Amiri company buys struggling F1 parts maker

Amin Amiri

A company run by Manchester-based industrial entrepreneur Amin Amiri, which specialises in buying struggling manufacturers, has acquired loss-making Derby company epm technology, a maker of parts for Formula 1 cars, in a multi-million pound deal.

The most up-to-date accounts for epm – to June 30, 2016 – show the company made a pre-tax loss of nearly £1.5m and had lost three F1 customers. Turnover was down to  just above ££3.9m compared to £6.2m in the prior year.

epm founder Graham Mullholland will stay with the firm, which will now look to service the aerospace, defence and automotive industries, following the sale to Aero Services Global, owned by Amiri.

In his strategic report accompanying the 2016 accounts, Mullholland reported that the had been “a significant reduction in turnover from motorsport customers driven by FIA 2017 rule changes in two or three major categories we manufacture parts in”.

He went on: “Also one large account has been lost to a competitor and another has seen its project funding withdrawn.”

Amiri, chief executive of AS.G Group, said: “AS.G is building a dynamic engineering group of companies to service and develop opportunities in aerospace, defence and automotive markets.

“The acquisition of epm clearly demonstrates our appetite and ability to move and grow quickly. Part of this is activated by having the vision to support fantastic innovative companies like epm technology group to grow and add value to its customers.”

Amiri is also the founder of Manchester-based venture capital group a2e Industries, which owns AS.G. a2e’s portfolio includes businesses with a combined turnover of £140m.

Mullholland said: “We have reached a point where epm requires the necessary funds and the executive ability to provide a world class service to our larger OE aerospace and automotive customers.

“This strategic acquisition will enable the business to now break the SME glass ceiling. This will also provide a boost for our ongoing commitments to staff development, research and development and process innovations which will continue to see epm pioneering and leading our industry and adding value to our customers.”

He added: “epm technology will also continue to grow its bespoke services and proudly maintain all of its Motorsport and F1 activities, the business is best known as a F1 supplier and again having the correct financial resources to support all these activities is critical. This is a great result for epm, all its customers and my team moving forward.”

epm’s legal advisors on the deal were Fraser Cunningham and Mark Wilcock of Smith Partnership and lead accountant was David Nelson of Smith Cooper – all of whom are based in Derby.

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