One of the region’s leading insolvency teams is celebrating the successful conclusion of another business purchase on behalf of our client.
Lawyers at Higgs & Sons acted for the Skan Group in its purchase of the business and assets of Reynolds Boughton from administrators.
Reynolds Boughton has an outstanding reputation as one of only a small number of British engineering specialists producing innovative vehicles and trailers designed for sectors as diverse as airfield fire and rescue, military and skip loaders. The company operates from two manufacturing sites – at Barton-under-Needwood in Staffordshire and Winkleigh, Devon – and currently employs 40 people.
Skan Group already owns Wolverhampton-based specialist trailer, transport equipment and engineering company, Oldbury UK Limited, which serves sectors including road transport, construction, extraction, wastes management, defence and aerospace.
Speaking of the purchase, Skan group managing director, Richard Skan said: “When we found out about the failure of such a high profile competitor we had no hesitation in approaching the administrators to see if any part of the business could be saved.
“Luckily we were able to negotiate terms with the administrators and landlords and so were able to complete the purchase, with the support of the Higgs team, within a matter of days.”
David Ellis led the insolvency team that advised Skan Group. He said: “This was a complex transaction. The assets being acquired were owned by three insolvent companies and split over two sites belonging to separate landlords. Working closely with specialists from our employment and property teams, we were able to complete the deal speedily to preserve the considerable goodwill and expertise that has built up in the company from when it first started to trade in the field of agriculture and forestry in 1897.”
Richard Skan concluded: “Difficult trading conditions over the last few years has resulted in many businesses struggling to survive. We are extremely pleased to be able to safeguard jobs and offer a new lease of life to such a well regarded British manufacturing business.”