Over 80 jobs saved as investor swoops for Leicester aerospace and power generation firm
The Leicester site of stricken Bromford Industries has been sold – just days after administrators sealed a similar deal to sell the Derby base of sister firm Accrofab along with the Alcester site of Bromford Industries to the Enact Fund, managed by private equity firm, Endless.
Private investor, Rcapital, has swooped for the Leicester-based aerospace and power generation business of Bromford Group. The transaction secures the jobs of 81 members of staff. The business will now be rebranded as Bromford Precision Solutions Limited.
Ryan Grant and Chris Pole were from Interpath Advisory were appointed joint administrators to the two Companies on 9 March 2023.
Grant, managing director at Interpath Advisory, said: “We’re delighted to have concluded these two going concern sales which not only see production continue uninterrupted across all three sites, but importantly, safeguards 300 jobs.”
He added: “Following our appointment, we were able to trade the businesses for a period of twenty weeks, during which we were able to maintain continuity of supply and minimise disruption to customers. We’d like to extend our profound thanks to the many stakeholders who have provided tireless support to the administration team over the past five months, including customers, suppliers and Bromford’s dedicated staff. Their support has enabled us to come to these two agreements which set both businesses up for a fresh start under new ownership.”
Victoria Horishny, director at Interpath Advisory who advised on the two transactions, added: “The weeks spent trading the business as a going concern afforded us time to find the right home for both businesses, with investors who will be able to instill a solid platform upon which to take them forward.
“The Enact Fund will allow further investment to be made in the Alcester and Derby sites, broadening both their capability and capacity. Meanwhile, Rcapital has an established track record in the aerospace, defence and precision engineering sectors with other investments in its portfolio including Trac Precision Solutions and Nasmyth Group.”
A team from Squire Patton Boggs advised Rcapital led by partner Russ Hill, assisted by Helena Clarke and Molly McKenna.
