Teesside fabrication business acquired in pre-pack deal
Fri, 16 Aug 2024 | BUSINESS SALE
Francis Brown Limited, a fabrication business based in Teesside, has been acquired in a pre-pack deal. The company, which was established in 1903, specialises in manufacturing structural steelwork and pressure valves.
However, the firm recently fell into financial difficulties, with Steven Ross and Allan Kelly of FRP Advisory appointed as joint administrators on August 12. Following their appointment, the joint administrators arranged the sale of the business to Glacier Energy in a deal that secures all jobs at the company.
The deal brings Glacier Energy’s headcount to more than 300, while broadening and strengthening its manufacturing capability. The company is in the process of evolving its manufacturing operations to support its range of hydrogen storage and distribution products, which are set to be launched soon.
Francis Brown directors Jamie Brown and Duncan Warriner will remain with the business and will hold senior roles within Glacier Energy's manufacturing division. Glacier Energy will now create an expanded manufacturing operation at two key locations at Stockton-on-Tees-and Rotherham.
Glacier Energy Chief Executive Scott Martin said that Francis Brown “aligns perfectly with our plans to increase our capacity and capabilities in Teesside as a strategic location.”
He continued: “We look forward to integrating their excellent team to realise significant opportunities ahead and building the strong relationships we have already established.
"Recent strategic investment from Averroes and BGF was secured to support Glacier Energy's rapid growth, both organically and through strategic acquisitions. This news underlines positive progress, and we look forward to continuing this journey at pace."
Jamie Brown of Francis Brown commented: "Extensive discussions with Glacier Energy in advance of the acquisition underlined how aligned we were, both in terms of the potential opportunity ahead, but also in terms of our respective cultures.”
Shaun Hudson, director at FRP Advisory, added: "Francis Brown has a long heritage in specialist manufacturing, and it now has a bright future ahead as part of Glacier Energy's transition into renewable energy sectors. We're pleased to have been able to help safeguard the livelihoods of its employees after the firm had fallen into financial difficulties."
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