Over 500 jobs saved as seven pre-pack deals rescue manufacturing group
More than 500 jobs have been saved after a specialist metals manufacturer was acquired in seven pre-pack deals.
Fablink Group and its subsidiaries have been bought by Ensco 1 and will now be known as Wharfside Industrials after administrators at Interpath were appointed.
Chris Pole and Ryan Grant from Interpath Advisory were appointed to Fablink Limited (FL), Fablink Tank Systems Limited (FTSL), Streamline Panels and Assemblies Limited (SPAL), Fablink Group Holdings Limited (FGHL), Fablink Cab Systems Limited (FCSL), Fablink Group Holdings Limited (FGHL) and Fablink Toolspec Limited (FTL).
The business and assets of the companies were immediately sold on appointment to the new group.
The companies are part of the Fablink Group, a UK-based manufacturer specialising in the production of metal pressings, operator cab assemblies, fuel and hydraulic tanks and complex structures, as well as “clean build” of vehicle assemblies. Together, the Group trades across six sites in Wolverhampton, Evenwood, Luton, Durham, Brixworth and Northampton.
Fablink had built a strong reputation in delivering design and manufacturing services to some of the world’s largest OEMs within the automotive, truck, off-highway, power generation and material handling industries.
Over the last two years, however, it has suffered from a number of adverse events which have cumulatively caused challenges to liquidity. This included delays in the receipt of grant funding to support its relocation to a new site in Wolverhampton and the insolvency of one of its customers, which caused a significant bad debt.
The directors sought to explore the options available to the group, including its sale, investment, refinance and restructuring options. All 521 employees have transferred to the purchaser as part of the deals.
Pole said: “Fablink has built a strong reputation over the years for its cutting-edge technology and innovative manufacturing processes, but had faced a number of challenges in recent times that threatened the long-term future of the business. This outcome secures the future of the Fablink Group and safeguards employment for over 500 staff. We wish the team all the best as it forges a new future.”
