Newly formed Ham Baker Group Ltd, backed by Intrinsic Equity, has acquired the shares in five solvent subsidiaries of F.J.Holdings Ltd and the trade and assets of the Flow division of Ham Baker Adams Ltd from the administrators at FRP Advisory, the business advisory firm, safeguarding more than 130 jobs across the group.
The companies acquired were Industrial Valves Ltd, Industrial Penstocks Ltd, Industrial Pipeline Solutions Ltd, IVL Flow Control Ltd and FJ Estates Ltd.
Raj Mittal and Russell Cash, partners at FRP Advisory, were appointed on 15 February 2017 as joint administrators to F.J.Holdings Ltd and one of its subsidiaries Ham Baker Adams Ltd, the Stoke based engineering group, and The administrators, who have swiftly completed the sale of the Flow division of Ham Baker Adams and the shares in the solvent companies, are now currently assessing options for the remaining Process division of Ham Baker Adams.
The Stoke based business manufactures and supplies bespoke products to the water and wastewater markets. The group's dedication to product design, quality engineering and installation support has positioned the Ham Baker brand as a market leader.
The group reported consolidated turnover of £30 million in its most recent accounts but faced cash pressures following an expansion into larger, longer-term contracts. Efforts to raise additional funding over recent months failed and the group needed to seek the protection of administration in order to secure a more viable solution in the interests of all stakeholders.
Raj Mittal, joint administrator and partner at FRP Advisory, said:
“We're delighted to have secured the future of a large proportion of this key employer in the Stoke area. We are continuing to explore options for the Process division and would encourage any interested parties to make contact.”
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