Andrew Page bought in a pre-pack administration deal, saving 2,000 jobs
05-Oct-2016The Yorkshire-based vehicle parts company has been bought out of administration by Euro Car Parts, saving 2,000 jobs in the process.
Upon appointment of administrators on Monday, Andrew Page was sold to LKQ Corporation, owner of Euro Car Parts. The sale secured the transfer of 102 out of 109 sites, a national centre and head office.
Andrew Page is one of the largest UK distributors of quality car parts, tools and diagnostics to garages. Sales reached £192 million in the year ending September 2015.
Associated companies, Solid Auto (UK), Camberley Auto Factors and Colton Parts Company, were also affected in the sale.
Euro Car Parts CEO, Martin Gray, commented “We remain committed to assuring that the iconic Andrew Page brand continues to thrive and will remain separate from Euro Car Parts, but will benefit from our UK infrastructure, inventory and the financial support from the LKQ Corporation.”
Andrew Page secured turnaround finance back in 2014 from private equity companies, Endless and Phoenix Equity Partners, however due to the recent weakening of the pound as well as seasonal issues, the company decided the best option was to appoint administrators.
A pre-pack administration deal can be a quick and efficient process whereby a company is sold to a third party or new company to ensure the business continues running and jobs are secure.