Businesses for Sale
Glass Manufacturer for Sale
We have taken instructions in relation to a large glass plant located in the northwest of England.
The company employs approximately 50 staff and operates from four adjacent rented industrial units.
The company turned over approximately £3.3m in its last full financial year to July 2016, when it more or less broke even. Turnover in the current financial year is understood to be at a broadly speaking similar level however the company is currently losing money and requires a cash flow injection.
The company is expected to enter into administration next week (the week commencing Monday, 13th March 2017) and due to significant funding constraints we hope to have in principle agreed a sale of the business assets in their totality, on an ongoing concern basis, prior to the date of the anticipated administration, with a view to completion either upon the Administrators appointment or shortly thereafter.
The company primarily supply glass to window manufacturers, builders and subcontractors. The plant includes handling machinery, cutting machinery, a large toughening plant, CNC machining centres, glass washers, processing lines and paint lines.
Whilst the bulk of the machinery is owned outright, three machines are subject to finance with negative or marginal equity, namely a laminating machine, one of the two CNC machines and a recently acquired painting system.
In addition, the main toughening plant/furnace was recently refurbished at a cost of around £100,000 plus VAT and the bill for same has not yet been paid. We believe that the refurbishing company will need to be paid before title in the machine can be passed and therefore, we can either sell any such rights as the company may have to the machine leaving the onus of responsibility to pay the refurbishment company with the “newco” or alternatively, the payment to the refurbishment company can be made by the administrators out of the sales proceeds of the plant, in which instance the figure would have to be reflected in the purchase price.
The company carries a relatively small amount of stock which is likely to be subject to successful retention of title claims by the suppliers and there is a modest order book.
The company operate a fleet of cars and vans, most of which are on contract hire, however the company do own approximately six vehicles which would be included in the sale.
The guide price is £300,000 to £400,000 and any interested party will have to demonstrate the ability to fund the purchase and sign an NDA before further details can be released.
Interested parties should contact the sole agent, Jonathan Kay, of Robson Kay Associates Ltd on email@example.com or 0161 998 8111 at their earliest convenience.
Please bear in mind that at this stage, no offers can be entertained for assets on a piecemeal basis and no further details regarding the name of the company, the specific location or the asset list can be released without first signing an NDA AND proving the ability to fund a purchase if successful.
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