Thu, 21 Mar 2024 | BUSINESS SALE
Nottinghamshire-based automotive parts manufacturer Interflex Limited has been acquired out of administration by Avon Group. Interflex, which operates from a facility in Langar, fell into administration earlier this month.
The company, which reportedly generates turnover of around £8 million, manufactures and supplies a range of sealing solutions to the automotive industry. Its products include door and boot seals, under carpet and interior trim and it also coats and cuts a variety of materials used in automotive manufacturing.
The business had seen significant change over recent years, undergoing an MBO in 2021 and diversifying its product range into the horticultural sector. However, it suffered as a result of the ongoing effects of the COVID-19 pandemic and the "subsequent volatility of the automotive sector".
Benjamin Wiles of Kroll Advisory and Louise Williams of Opus Restructuring were appointed as joint administrators of the company and have now secured a sale of the group’s trade, assets and staff to Avon Group, which has a similar, larger existing operation in the West Midlands.
Commenting on the acquisition, Avon Group Sales Director Steve Thomas said: "Our business has huge synergies with Interflex. The management team and staff at Interflex will bring additional engineering skills and capability to our group that will propel our automotive business forward at an even faster pace.”
"We are already making significant inroads with clever products for electric vehicles and are eyeing-up the opportunities presented by the new battery plant being built in Somerset. This acquisition is not only good news for Interflex but good news for our group as a whole, as we continue to expand."
Following the takeover, Interflex will continue to operate from its 34,000 sq ft Langar premises, while it is anticipated that most of its staff will be retained under Avon Group’s ownership.
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