Ex-Metalrax Group business enters pre-pack
Metalrax Housewares, sold off in a solvent deal during its parent group's pre-pack, is itself pre-packed two months later
A BUSINESS sold off after its parent company went into administration has itself entered insolvency two months later.
Administrators from KPMG were appointed to Metalrax Housewares on 18 June, with pre-pack deal arranged to sell the business and its assets to Oneida International Limited. The deal has secured the jobs of Metalrax Houseware’s staff of 126.
In April, KPMG administrators completed a pre-pack of Metalrax Group and subsidiaries to a group of companies headed by Bowman Birmingham. As part of that deal Metalrax Housewares was sold in a separate solvent transaction to Cable Partners having not entered administration.
Metalrax Housewares operates from three sites in Burnley, Lancashire; Oldbury in the West Midlands and Fakenham, Norfolk under two distinct divisions: Samuel Groves and George Wilkinson International.
Paul Flint, joint administrator and restructuring partner at KPMG, said the continued downturn in trading and difficulties meeting its debt obligations saw it enter administration.
“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,” he added. “The acquisition of Metalrax Housewares is a strong fit for Everyware Global, expanding its UK manufacturing and product presence.”