More Than 70 Jobs Saved Following Tetrosyl Deal

Irwin Mitchell’s corporate recovery team have advised on a deal which has seen Grimsby-based motor parts trade retailer Godfrey Automotive Parts Limited sold out of administration for an undisclosed sum.

All 77 jobs at the firm have been saved as a result of the deal, in which the business – placed into administration on November 9th – has been sold to a new company owned by auto cleaning products business Tetrosyl.

Andrew Walker, a partner in corporate recovery at Irwin Mitchell and Yorkshire regional chair of insolvency trade body R3, advised on the deal alongside other specialists including joint administrators Rob Sadler and Bob Maxwell of Begbies Traynor.

During the nine-day search for a buyer, the company’s depots and stores remained open as usual.

Commenting on the deal, Andrew Walker of Irwin Mitchell said: “It is excellent that this deal has been turned around very quickly, helping to safeguard a number of jobs in what are difficult financial times.

“We hope that, following this sale, the company is able to thrive under its new leadership and grow despite the ongoing economic problems which continue to impact on so many firms.”