Tetrosyl rescues car parts retailer

TETROSYL Group, the North West car care products manufacturer and supplier, has branched out with the acquisition of a motor parts retailer.

The £80m turnover Bury-based company has bought Godfrey Automotive Parts out of administration in a £1m deal, saving 77 jobs.

Godfrey, based in Grimsby, has annual turnover of £6m, and operates seven stores/distribution centres in Yorkshire Leeds, Wakefield, Sheffield, York, Hull and Scunthorpe.

The company was placed in administration on November 9 owing creditors around £2.5m, including £500,000 to the HMRC. 

The new company formed to acquire the business is called Godfrey Autoparts Ltd and is owned 100% by Maccess Group which is a wholly owned subsidiary of the Tetrosyl Group.

Tetrosyl, which manufactures leading car cleaning brands CarPlan, Wonder and Carlube distributed its products through Godrey and knew it had a strong reputation and a loyal customer base.

The administration and subsequent sale was handled by Rob Sadler and Bob Maxwell of insolvency firm Begbies Traynor.

Rob Sadler said: “Godfrey Autoparts is an established and reputable independent parts retailer, and the business had every chance of thriving with the right owner and with proper funding in place.”

Other advisers involved in the deal include Andrew Walker, partner in corporate recovery at Irwin Mitchell.