Jobs saved after autoparts deal
MOTOR parts trade retailer Godfrey Automotive Parts has been sold out of administration for an undisclosed sum saving 77 jobs.
The £6m turnover business has been bought by Bury-based auto cleaning products business Tetrosyl Group, which is forming a new company to operate the group.
Grimsby-headquartered Godfrey Automotive also has operations in Hull, Scunthorpe, York, Sheffield, Leeds and Wakefield.
It has been sold by joint administrators Rob Sadler and Bob Maxwell of Begbies Traynor.
Godfrey Automotive was placed in administration earlier this month owing creditors around £2.5m, including a £500,000 debt to the HMRC.
The firm sells a comprehensive range of auto accessories, vehicle parts, tools and maintenance consumables from its retail and trade counters.
Other advisers involved in the deal include Andrew Walker, partner in corporate recovery at Irwin Mitchell in Leeds.
Mr 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.
“Our corporate recovery teams from all over Yorkshire helped to get a grip on the individual depots, and we were able to undertake an accelerated M&A process and drove a deal that will recover 100% return for secured creditors and saves the jobs of everyone at the firm.”
The new company formed to acquire the business is called Godfrey Autoparts.
It is entirely independent of previous shareholders and is owned 100% by Maccess Group, a wholly owned subsidiary of Tetrosyl Group.
The directors of the previous company will be retained as employees to manage the business.
