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A successful sale preserves business and jobs following administration

Mercer & Hole Chartered Accountants are delighted to announce the sale of the business and assets of G&M Power Plant Limited.

Mercer & Hole’s Chris Laughton and Peter Godfrey-Evans were appointed as joint administrators of Ipswich based G&M Power Plant Limited on 31 July 2015. Following an intensive marketing and sales process, Tex Holdings Plc has today acquired the business and assets of G&M Power Plant Limited.

G&M Power Plant Limited specialised in the design and assembly of bespoke high quality diesel powered electrical generator sets, covering both the global marine and UK industrial sectors.

At the time of the administrators’ appointment, there were 35 employees. As a result of this successful transaction, a considerable number of these jobs could be saved.

Chris Laughton, Partner at Mercer & Hole comments “We are delighted to have achieved a transaction that not only preserves a business and the jobs it supports, but also will lead in due course to a significant return to the company’s creditors.”

This successful transaction adds to Mercer & Hole’s record of business rescues.

 

 

Date: 27th August, 2015
Author: Mercer & Hole Media

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