Godfrey Automotive Parts Limited, a £6 million turnover motor parts trade retailer based in Grimsby, has been sold out of administration for an undisclosed sum by administrator Begbies Traynor.
The sale to a new company owned by Manchester-based auto cleaning products business Tetrosyl Group Limited was completed nine days after the appointment of the administrators in a deal that will save all 77 jobs.
Godfrey Automotive Parts Ltd was placed in administration on Wednesday, November 9 owing creditors around £2.5m, including a £500,000 debt to the HMRC.
The company had traded from seven stores and distribution centres in Leeds, Wakefield, Sheffield, York, Hull, Scunthorpe and the head office and flagship showroom in Grimsby. The firm sold a range of auto accessories, vehicle parts, tools and maintenance consumables from its retail and trade counters.
“Godfrey Autoparts is an established and reputable independent parts retailer, and the business had every chance of thriving with the right owner and with proper funding in place.
“Our corporate recovery teams from all over Yorkshire helped to get a grip on the individual depots, and we were able to undertake an accelerated M&A process and drove a deal that will recover 100 per cent return for secured creditors and saves the jobs of everyone at the firm,” said administrator Rob Sadler, of Begbies Traynor.
The new company formed to acquire the business is called Godfrey Autoparts Ltd. It is independent of previous shareholders and is owned 100 per cent by Maccess Group Limited which is a wholly owned subsidiary of Tetrosyl Group Limited. The directors of the previous company will be retained as employees to manage the business.