Metalrax Housewares Limited has been sold out of administration through a ‘pre-pack’ arrangement, saving over 120 jobs.
Paul Flint, Brian Green and Will Wright of KPMG were appointed joint administrators on 18 June 2013, immediately selling the engineering company to Oneida International Limited, a subsidiary of Everyware Global Inc.
Flint, restructuring partner at KPMG, said: “Metalrax Housewares entered administration as a result of a continued downturn in trading and difficulties in meeting its debt obligations.
“Following comprehensive marketing of the company, we were able to secure a going concern sale – safeguarding the future of its 126 employees and two historic businesses in George Wilkinson and Samuel Groves.”
“The acquisition of Metalrax Housewares is a strong fit for Everyware Global, expanding its UK manufacturing and product presence.”
Metalrax Housewares operates from three sites in Lancashire, the West Midlands and Norfolk under two divisions – Samuel Groves and George Wilkinson International.
Established in 1931, George Wilkinson International provides branded bakeware products and microwave-ready cookware to leading grocery, department store and specialty retailers. Samuel Groves, which was founded in 1826, sells its products under the Mermaid Bakeware and Lifelong brands.
In April 2013, KPMG completed the pre-pack sale of AIM-listed Metalrax Group plc and its subsidiaries to a group of companies headed by Bowman Birmingham Limited.
As part of the transaction, Metalrax Housewares – which was not placed into administration – was sold in a separate solvent share deal.