£8m manufacturer was sold out of administration for just £130,000
Interflex, the Nottinghamshire automotive parts manufacturer, was sold out of administration for just £130,000, documents seen by TheBusinessDesk.com reveal.
Interflex, which turned over £8m a year, was sold to Avon Group, an £80m turnover manufacturing and engineering group, based in Bristol in March.
The documents show that Interflex owed over £1.1m to trade creditors and HMRC when it called in joint administrators from Kroll and Opus Restructuring – neither will see any of the cash owed to them.
Metro Bank, which held a charge over Interflex, will also miss out on £1.6m it is owned. Metro held first ranking fixed and floating charges over the company’s assets by way of a charge registered on 18 June 2021, which was granted in return for CBILS and RLS loans of around £2m.
Interflex manufactures seals and acoustic protection products for the automotive industry.
The firm also coats and cuts materials such as the fabric used for arm rests to ensure durability and comfort.
In 2021, Interflex changed hands in an MBO led by Jim Griffin, who is the former chief executive of Midlands manufacturer, the Autins Group.
In 2022, the firm expanded into the horticultural sector with a very different product range by adding biodegradable mulch mats for planting saplings and strawberries to its production line in Langar.
The firm fell into a administration after a lethal cocktail of the pandemic, supply chain disruption, inflation and rising utility costs put pay to its ambition of becoming a £15m turnover business and left it insolvent on a cashflow basis.
