After being appointed joint administrators to Nova Group Products Limited on 2 May 2023, Tim Bateson and Howard Smith from Interpath Advisory have secured the business’s future.
Based in Nottingham and previously known as Fabriweld, the company is a manufacturer and processor of aluminium and steel products, primarily focussed on home speaker accessories and casings for commercial electric vehicle charge points.
The business had faced a significant drop in revenue over the last two years due to lower demand for consumer-led products. With pressure on cashflow building, the directors explored a number of funding options but, with no solvent solution to be found, took the decision to seek the appointment of the joint administrators.
Immediately following their appointment, the joint administrators concluded sales of the business and assets to Innovation Lifts Limited and Innovation Group Products Limited, two companies affiliated to Nottingham-based Innovation Laser Limited.
As part of the transactions, all of the company’s 25 employees will transfer to the purchasers.
Tim Bateson, director at Interpath Advisory and joint administrator, said: “From its home in Nottingham, Nova Group has been producing quality products for over 40 years, so we’re pleased to have been able to conclude these transactions which will enable production to continue and jobs to be preserved. We wish the purchasers and the company’s skilled employees all the very best for the future.”
