Mouldings specialist acquired out of administration
Fri, 18 Aug 2023 | BUSINESS SALE
A Worcestershire-based precision plastic and injection mouldings business has been acquired out of administration. P J S Mouldings fell into administration on August 11 2023, with administrators from Grant Thornton UK LLP subsequently concluding a sale of the business as a going concern to S M Automotive Division.
P J S Mouldings, which is based in Redditch, was founded in 1993 and provided precision plastic and injection moulding services to a range of sectors, with a particular focus on serving the automotive market.
The acquisition, overseen by joint administrators Rob Parker, Jon Roden and Helen Dale of Grant Thornton UK LLP, sees P J S Mouldings’ business and assets sold to Solihull-based S M Automotive Division as a going concern.
S M Automotive Division is a subsidiary of West Midlands mouldings group Stechford Mouldings, which has been operating in the region for more than 80 years. The acquisition of P J S Mouldings’ business and assets sees all operations transfer to the new owner and secures more than 70 jobs.
In P J S Mouldings’ most recent accounts at Companies House, for the year ending March 31 2022, the firm reported fixed assets valued at slightly over £0.5 million and current assets at £1.8 million. At the time, the firm owed creditors around £1.7 million within one year and £370,723 after more than one year, leaving its net assets at £241,838.
Commenting on the sale, joint administrator Rob Parker said: “We are very pleased to have completed a going concern sale of the business, which secures the continued employment for a loyal workforce in these challenging economic times. S M Automotive Division Limited appears to be a great fit for the business and well placed to serve its customers in the future”.
Distressed acquisitions can deliver enormous value - but it is vital to undertake a thorough due diligence process
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