The business and accompanying assets of Battersby Silver Grey have been sold out of administration to Travellers Choice – restructuring and advisory firm FRP Advisory has confirmed.
FRP Advisory partners, Russell Cash and Ben Woolrych, were appointed Joint Administrators to the company on January 28, 2015. When attempts to obtain further investment to safeguard a long term future for the business could not be found, the directors were forced to seek the protection of administration, allowing for the business to continue as a going concern.
Prior to the Administration process, the Joint Administrators marketed the business for sale, liaising with many interested parties. FRP said the sale to Travellers Choice, safeguards the jobs of all staff employed by the business and allows it to continue to trade as normal under new ownership, from the same premises in Morecambe, Lancashire.
Russell Cash, partner at FRP Advisory and Joint Administrator, said: “The sale of Battersby Silver Grey to Travellers Choice provides the best possible solution for the company’s array of local and regional customers, all 30 staff and the local economy it supports.
“The company unfortunately failed to receive the investment it was promised when Bakerbus and King Long Direct became involved around 15 months ago. We were therefore determined to make every effort to secure the future that this longstanding business deserves.
“The marketing process attracted many approaches and we engaged with a number of interested parties before proceeding with Travellers Choice which offered the best outcome for creditors and a viable future. We wish Battersby Silver Grey the very best under its new ownership.”