Lister Trade Frames Ltd (Listers) has been sold to GJB Holdings Limited for an undisclosed amount.
Joint administrators, Andy McGill of Smith & Williamson and Ian Gould of Baldwins have sold the business and assets of Listers as a going concern to GJB Holdings Limited. The deal will save 70 jobs in Stoke-on-Trent and ensure that customers continue to receive the high standard of product and customer care they are used to.
“Listers is a well-established business with a strong customer base in the Midlands - We’re absolutely delighted to achieve a successful sale which will ensure continuity of employment for the dedicated workforce of this 40 year old business.” said Andy.
The business had invested significantly in recent times on upgrades to plant & machinery, new stock lines and other business ventures. Unfortunately, the return on this investment did not materialise as quickly as the company would have hoped and the business entered administration on the 29th of August.
“There was significant interest in the business and we are extremely pleased to conclude the sale to GJB following a short period of trading in administration. Achieving such a swift and positive outcome for everyone involved is a testament to the administrators staff from Smith & Williamson & Baldwins who worked tirelessly with Listers personnel to ensure a successful conclusion to the sales process,” continued Andy.
“I am delighted that the sale has concluded with the help and support of all those involved. Securing the future of Listers as a business was our primary goal to ensure the best possible result for creditors. It is hoped that the business can now focus on its clients and make plans to move forward successfully,” added Ian.
Addleshaw Goddard LLP acted for the joint administrators on the sale.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
Notes to editors
Smith & Williamson is a leading financial and professional services firm providing a comprehensive range of investment management, tax, financial advisory and accountancy services to private clients and their business interests. The firm’s c1,800 people operate from a network of 11 offices: London, Belfast, Birmingham, Bristol, Dublin (City and Sandyford), Glasgow, Guildford, Jersey, Salisbury and Southampton. Smith & Williamson is part of The Tilney Smith & Williamson Group.