100 year-old manufacturer acquired out of administration
Sheffield precision engineering business Evenort has acquired 100 year-old Midlands manufacturer Alexander Comley out of administration.
Administrators Rajnesh Mittal and Steven Martin Stokes from FRP Advisory were appointed to Alexander Comley Limited, based in Kingswinford, on the 5 July.
The business saw turnover half in the past three years after a slashing in capital expenditure programmes by oil and gas majors across the sector in the wake of the global fall in oil prices.
FRP sold the company to Greywolf Industries Limited, controlled by Evenort. Three remaining staff moved over, while job opportunities for the remaining eleven staff have been secured under the new ownership structure.
The manufacturer of tubesheets, large flanged products and machine components was founded in 1920 as ACL Realisations (Birmingham) and now exports globally.
The Sheffield company said the acquisition would enable it to better serve its customer base across the UK and internationally but forming a singly group.
In 2014, Evenort made £6.2m in sales and just over £304,000 in pre-tax profits, but following that year it reverted to small companies exempt accounts.
Evenort CEO Craig McKay became Master Cutler in 2015-2016, the 377th to hold the position.
Glen McKay, managing director, said: “We maintain a long term vision and strive to meet all challenges with the courage and creativity needed to realise that vision”
Craig McKay added: “Continuing the values on which Evenort is run, the opportunity to acquire such a historic name from the British steel industry is one we feel will be of benefit to both existing and future customers.
“Alexander Comley and Evenort will, over the coming months, form a group which will continue to evolve the “can do – will do” approach our customers have come to expect. Very exciting times lie ahead for us all.”
