Administrators conclude rescue deal to save stricken manufacturer
The jobs of 70 staff at a Stoke-on-Trent manufacturer have been sold after administrators brokered a deal to sell the business.
Joint administrators, Andy McGill of Smith & Williamson and Ian Gould of Baldwins, were called in by Listers Trade Frames last month after the business got into difficulties.
Listers Trade Frames, which marked its 40th anniversary last year, had seen turnover grow to around £11m and its most recently-published accounts, for 2015, showed pre-tax profits of £260,000.
It had employed 120 staff but 46 were made redundant when the business lapsed into administration.
Administrators have sold the business and its assets as a going concern to Essex-based GJB Holdings. The terms of the deal have not been disclosed.
Mr McGill said: “Listers is a well-established business with a strong customer base in the Midlands. We’re absolutely delighted to achieve a successful sale which will ensure continuity of employment for the dedicated workforce of this 40-year-old business.”
The business had invested significantly in recent times on upgrades to plant & machinery, new stock lines and other business ventures.
However, a return on this investment did not materialise as quickly as the company had hoped.
“There was significant interest in the business and we are extremely pleased to conclude the sale to GJB following a short period of trading in administration,” added Mr McGill.
Mr Gould said: “Securing the future of Listers as a business was our primary goal to ensure the best possible result for creditors. It is hoped that the business can now focus on its clients and make plans to move forward successfully.”
Addleshaw Goddard acted for the joint administrators on the sale.