Management buyout at established manufacturer secures 30 jobs
The business and assets of Wakefield-based manufacturer PolyGlobal Ltd, which specialised in injection and cast mouldings, have been acquired by Northern Fire Protection Ltd (NFP).
The deal is part a management buyout (MBO), with all 30 staff now employed by NFP.
Phil Booth, managing director at independent insolvency practice Booth & Co, was appointed as administrator for PolyGlobal and facilitated the MBO to NFP for an undisclosed sum.
Offering engineered plastic products for industries including agricultural, aerospace, automotive, construction, manufacturing, off-shore, marine, rail and renewables, PolyGlobal had been trading since 1985 and serviced clients across the globe.
However, last month the company posted a notice of intention to appoint an administrator.
As part of the MBO Martin Armitage, Stuart Warner and Graham Hall, previously production director, financial controller and tool maker respectively at PolyGlobal, will remain within the business in their roles as directors of NFP.
Phil Booth, managing director at Booth & Co, said: “We’ve got to know the team at PolyGlobal and understand the potential the business has. Under new management we’re confident it will thrive and grow into a profitable business.
“In situations like this it’s essential we can move quickly to preserve as much value as we can for the creditors, and in this case secure a positive outcome for the staff too.
“Having a partner like Clarion that matches our knowledge, broad experience and speed is key to ensuring deals like this have the best outcome.”
Alice Pratt, partner in Clarion’s Business Restructuring and Insolvency team, added:“PolyGlobal is a business with significant potential and Phil and the team have secured a future for not only the business, but also the staff.
“Time was of the essence here to secure new owners to ensure the best outcome, and we look forward to seeing how PolyGlobal moves forward.”
Valuation and asset disposal advice was provided by Mark Rowlands at Sanderson Weatherall.