Mon, 20 Mar 2023 | ADMINISTRATION
Cromwell, a supplier of maintenance, repairs and operations services based in Leicester, has acquired part of industrial supplies firm Monks & Crane, which collapsed into administration in February after suffering COVID-19-related losses.
Monks & Crane was founded in 1862 and grew to become a major supplier of industrial products to clients across sectors such as aerospace and oil and gas. The company, which was acquired by investment firm GIL Investments in 2018, reported turnover of nearly £40 million in 2022, but succumbed to COVID-19-related losses, exacerbated by supply chain issues, inflation and rising borrowing costs.
Despite management exploring a turnaround strategy, an inability to secure funding meant the company could not continue trading and administrators from RSM UK Restructuring were appointed in February 2022, launching a sale process for the firm’s business and assets.
Cromwell has now secured a deal to acquire part of Monks & Crane’s business. The firm will acquire three branches (Cardiff, Heathrow and Hook), along with assets including stock, vending machines and some customers.
Commenting on the acquisition, Cromwell Managing Director Neil Jowsey said: “Monks & Crane has been an admired competitor over the years and it is truly sad to see this happen.”
“We have been working closely with the administrators and management of Monks & Crane to see how we could keep elements of their operations going, provide continuity of service for customers and, importantly, provide a home for some of their team.”
“Our core purpose at Cromwell is to keep our customers’ operations running and their people safe. Monks & Crane’s customers have unfortunately had several uncertain weeks, so our focus is on getting support to them as quickly as possible.”
“The newly acquired locations of Hook, Heathrow and Cardiff provide a great opportunity to accelerate our expanding customer footprint along with adding some key strategic customer accounts to our portfolio.”
One of the best ways to find properties below market price is to look at recent administrations.
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