Deal Secures Hundreds of Jobs
The Birmingham office of law firm, Irwin Mitchell, has advised its client Centric Commercial Finance on a deal which has saved more than 200 jobs across the Midlands.
The deal, which follows the government's announcement to sell off or close Remploy factories, sees Remploy Automotive being acquired by Arlington Industries Group in London.
Based in Coventry, Birmingham and Derby, Remploy Automotive supplies more than 1.3m units a year to the automotive sector, and is a strategic tier one supplier to Jaguar Land Rover. Its aftermarket division also provides kitting and packing services, alongside supply chain management, for global manufacturers.
Following this deal, Remploy Automotive will become part of a group of companies which supplies the national and international aerospace and automotive sector.
Arlington Industries’ Chairman David Roberts said: "Remploy Automotive is an excellent addition to our global business. We see it as a unique opportunity, representing the very best in corporate social responsibility and advanced manufacturing and assembly.
"We already have a number of projects that are well suited to Remploy Automotive that will be introduced in the first six months and which will expand the business, providing a positive sign of our investment intentions."
The transaction was supported by Centric Commercial Finance. Irwin Mitchell’s Banking & Finance team in Birmingham advised Centric.
Tim Hawkins, Commercial Director of Centric Commercial Finance, added: "We are proud and excited to fund a fast growth business with the highest CSR values. We look forward to working with the management team to support their vision.”
Jon Bew, Partner at the Birmingham office of Irwin Mitchell, said: "We are delighted to have assisted Centric on this deal. Remploy Automotive is an important employer in the Midlands region and it is great to see that work being continued by Arlington Industries.”
The deal was advised on by KPMG.