Alvarez & Marsal advises on sale of Luton manufacturer
Global professional services firm Alvarez & Marsal has advised on the rescue of a Luton-based manufacturing business known as Toolspec Manufacturing Company. The news sees over 70 jobs safeguarded, following a successful administration process.
Established in 1961, Toolspec was founded as a toolmaker, before expanding its offering to become an industry-leading specialist in tubular manipulation and complex welded assemblies. Its customers include JCB and Jaguar Land Rover. Earlier in 2019, the Luton-based firm fell into administration, amid a slowdown in the manufacturing and construction sectors of the UK.
Following the firm’s collapse, a team of joint administrators was appointed from Alvarez & Marsal (A&M). Led by Paul Flint and Mark Firmin, A&M’s team completed the sale of certain business and assets of Toolspec Manufacturing Company to Fablink Toolspec, a newly incorporated UK limited company. Fablink Toolspec was incorporated specifically for the acquisition of the business and assets of Toolspec Manufacturing Company, and is part of the Fablink Group of companies, which is not connected to Toolspec.
Richard Westley, Managing Director of the Fablink Group, said of the news, “Toolspec benefits from a near 60-year heritage and deep expertise in the production of specialist tube parts and assemblies. This acquisition strengthens our product and process offering, whilst also broadening our customer base. We look forward to working with the Toolspec team and our customers in continuing to develop and enhance the Group’s value proposition and product portfolio.”
A&M worked together with a team led by Dan French at Gateley Legal on the transaction. The move has secured 72 jobs, with the employees transferring to Fablink Toolspec with immediate effect.
Paul Flint, Head of A&M’s Manchester office, said, “We have worked closely with all stakeholders to maximise value for creditors while also securing the future of a highly regarded manufacturing operation, including the job of every employee. We would like to thank the Fablink management team for their perseverance over the last few weeks in seeing this challenging deal through to completion. We wish the group every success in taking the business forward.”
