Mercer & Hole agrees sale of G&M Power Plant
Tex Holdings strikes deal to acquire business and assets of G&M Power Plant from administrators
ADMINISTRATORS from Mercer & Hole have sold the business and assets of G&M Power Plant, the Top 50 firm said.
Tex Holdings, which manufactures and supplies engineering products, acquired Ipswich-based G&M Power Plant, which specialises in the design and assembly of bespoke electrical generator sets, following an “intensive marketing and sales process”, the firm said.
Mercer & Hole’s Chris Laughton [pictured] and Peter Godfrey-Evans were appointed as joint administrators of G&M Power Plant on 31 July.
At the time of the administrators’ appointment, there were 35 employees. As a result of this successful transaction, a considerable number of these jobs could be saved.
Chris Laughton, partner at Mercer & Hole, comments “We are delighted to have achieved a transaction that not only preserves a business and the jobs it supports, but will also lead in due course to a significant return to the company’s creditors.”