Employment has been secured for more workers, with the joint administrators of Bromford Industries Limited and Accrofab Limited concluding a further transaction to seal the future of the precision manufacturing businesses.
Two business and asset sales to the Enact Fund and Rcapital will preserve employment across the Midlands for 300 people.
Based across three sites in Leicester, Derby and Alcester, Bromford Industries and Accrofab are tier one suppliers to global OEMs in the aerospace, defence and power generation industries, specialising in the precision manufacturing and fabrication of components. Ryan Grant and Chris Pole were from Interpath Advisory were appointed joint administrators to the two companies on 9 March 2023.
As reported on 1 August, the Enact Fund, managed by private equity firm, Endless LLP, has acquired the business and assets of Accrofab Ltd and the Alcester site of Bromford Industries in a transaction that secures the jobs of over 220 employees. The deal will be funded from Endless’ Enact Fund III which seeks to invest in transformational SME opportunities. Following completion of the deal, both companies will trade under the Accrofab brand.
Now, separately, private investor, Rcapital, has completed the acquisition of the Leicester-based aerospace and power generation business of Bromford Group. The transaction secures the jobs of 81 members of staff. The business will now be rebranded as Bromford Precision Solutions Limited.
Rcapital is uniquely placed to support the business in delivering its turnaround, thanks to its strong track record in the aerospace, defence and precision engineering sectors.
Ryan Grant, Managing Director at Interpath Advisory and joint administrator, said: “We’re delighted to have concluded these two going concern sales which not only see production continue uninterrupted across all three sites, but importantly, safeguards 300 jobs.”
Ryan Grant added: “Following our appointment, we were able to trade the businesses for a period of twenty weeks, during which we were able to maintain continuity of supply and minimise disruption to customers.
“We’d like to extend our profound thanks to the many stakeholders who have provided tireless support to the administration team over the past five months, including customers, suppliers and Bromford’s dedicated staff. Their support has enabled us to come to these two agreements which set both businesses up for a fresh start under new ownership.”
Victoria Horishny, director at Interpath Advisory who advised on the two transactions, added: “The weeks spent trading the business as a going concern afforded us time to find the right home for both businesses, with investors who will be able to instill a solid platform upon which to take them forward.
“The Enact Fund will allow further investment to be made in the Alcester and Derby sites, broadening both their capability and capacity. Meanwhile, Rcapital has an established track record in the aerospace, defence and precision engineering sectors with other investments in its portfolio including Trac Precision Solutions and Nasmyth Group.”
