Thu, 02 Nov 2023 | BUSINESS SALE
Gilwood (Fabricators) Company, a Lancashire-based manufacturing business, has been acquired out of administration by DC Norris and Company in a pre-pack deal. Gilwood, which is based in Heywood, is a family-owned metal fabrication firm that specialises in manufacturing static process plant equipment and pressure vessels.
The company’s products are used across a wide array of sectors, including food and drink, oil and gas, nuclear and petrochemicals. However, the company encountered financial difficulties as a result of global economic uncertainty, with administrators saying that rising material costs and interest rates had impacted new orders.
Gareth Harris and Chris Ratten of RSM UK Restructuring Advisory LLP were appointed joint administrators of the company on November 1. The administrators subsequently completed a sale of the business and its assets to DC Norris and Company, with all of the company’s 26 employees to be offered jobs at a newly formed entity, Gilwood Limited, that will be part of the DC Norris group.
Joint administrator and RSM UK Restructuring partner Chris Ratten commented: "Gilwood is an established fabrication company in the North-West, and it is unfortunate that it has suffered over the last few months as a result of a delay and postponement of orders. Much of this is down to the economic uncertainty faced in the global markets by its customers and the decline in capital investment in projects due to rising interest rates and costs of materials.”
Ratten continued: "Given the ongoing economic challenges, we are pleased to have helped save the future of the company and support the regeneration of its existing pipeline. Securing its sale to DC Norris will protect all its skilled workforce for many years to come and allow Gilwood to continue operating in the market."
DC Norris owner David Norris said: "We were very sorry to see the demise of the well-respected family business Gilwood (Fabricators) Company Limited. Working with RSM, DC Norris has acquired the business as well as the assets from the administrator, and will also offer all the employees new jobs in a newly formed addition to the DC Norris group called Gilwood Ltd.”
Norris added that Gilwood Ltd “will have our full commitment and support to maintain their high standards of quality and service going forward”, which will include investment in new equipment in order to improve efficiency.
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