Irwin Mitchell Advises On Deal Which Secures More Than 220 Jobs
Irwin Mitchell's Restructuring and Insolvency team has successfully advised the Administrators at Interpath Advisory on a significant deal that has saved over 220 jobs in the manufacturing sector. The deal involved private equity firm Endless LLP acquiring the business and assets of Derby-based Accrofab Ltd and the Alcester site of Bromford Industries Ltd.
Accrofab and Bromford Industries are renowned for their precision-engineered fabricated components for the aerospace and power generation sectors. The companies have a strong global client base and will continue to operate under the Accrofab brand following the completion of the deal.
The deal will be funded from Endless' Enact Fund III, which seeks to invest in transformational SME opportunities.
The current management team, led by Chief Executive Ed Ashworth, will be supported by Endless in separating the businesses from the Bromford Group and investing in their operations. This transaction marks an exciting milestone for all employees of the new Accrofab Group.
Ryan Grant and Chris Pole from Interpath Advisory were appointed joint administrators to Bromford Industries Ltd and Accrofab Ltd on 9 March 2023. Grant commented on the successful outcome, saying:
"After trading the business for twenty weeks, we're delighted to have secured this transaction, which not only sees production continue uninterrupted at both sites in Alcester and Derby but which importantly safeguards the jobs of 220 members of staff.
“On behalf of the Interpath team, I'd like to extend our profound thanks to customers, suppliers, and Bromford's dedicated team of employees who have all provided unwavering support throughout the administration process. Their efforts, along with the commitment from Endless, have enabled us to find a solution for the business that puts in place a solid financial platform upon which it can move forward."