Thu, 07 Feb 2013 | ADMINISTRATION
Administrators have agreed a deal to save the business of car part manufacturer Klarius’s operations in Staffordshire, along with 234 jobs.
Klarius Group and its subsidiary Quinton Hazell Automotive were placed into administration yesterday (6 February 2013), with the appointment of KPMG.
The administrators are selling the Klarius emissions operations, based at Cheadle in Staffordshire, to Klarius Products Ltd, a newly formed company set up by management. While the intellectual property rights of Quinton Hazell Automotive are being sold to Tetrosyl I-Tec, which is part of Tetrosyl.
The deal has preserved 234 jobs at Klarius, which is headquartered at Manchester Airport. It is said to be Europe’s largest manufacturer of after-market car parts, and makes 90,000 parts from five sites, three of which are in the UK, one in Spain and one in Germany.
“We are pleased to announce the sale of the Cheadle site – saving 234 jobs. Despite marketing the remaining divisions for sale, we were unable to find a buyer and have taken the difficult decision to wind them down,” said joint administrator Paul Flint.
“Prolonged challenging trading conditions in the automotive parts sector impacted Quinton Hazell’s performance. This created cashflow pressures and affected Quinton Hazell’s ability to trade as a going concern,” he continued.
This financial advisory firm has an infrastructure in place to carry on operating profitably post-sale.
Hertfordshire based IFA with 75% of the business' assets with two major platforms, ensuring a smooth transition post-sale.
This firm has an average portfolio size per household above £0.5m, meaning you will be servicing high quality, profitable clients.
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