Accelerated sale of shares of distressed steel company
Quantuma engaged to seek a buyer for the shares or business and assets of a £12m steel company.
- Bristol and Plymouth based steel company making heavy losses
- Losses compounded by legal dispute leading to credit insurers withdrawing cover putting 49 jobs at risk
- Quantuma engaged to find a buyer for the shares or business and assets in an accelerated timeframe
- Notice of intention to appoint Administrator’s filed in court to protect the company’s assets.
- Quantuma engaged to advise on the options available to the company
- We instructed specialists to advise on asset values and collectability of the sales ledger before agreeing and implementing a strategy with the company’s bank
- We approached approximately 30 potential acquirers
- We entered into a brief exclusivity period with an investment house who wished to explore a share purchase
- The acquiring party already owned two steel businesses so were able to reopen credit lines with suppliers to keep the company trading whilst negotiations continued
- Share sale successfully completed resulting in all jobs saved, all stakeholders being paid and avoiding the need to place the company into Administration.
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