Andy McGill, Smith & Williamson
Lister Trade Frames Ltd (Listers), the manufacturer of windows, doors, and conservatories, has been sold to GJB Holdings Limited for an undisclosed amount.
Joint administrators, Andy McGill of Smith & Williamson and Ian Gould of Baldwins have sold the business and assets of Listers as a going concern to GJB Holdings Limited.
The deal will save 70 jobs in Stoke-on-Trent and ensure that customers continue to receive their products and services.
Andy said: “Listers is a well-established business with a strong customer base in the Midlands - we’re absolutely delighted to achieve a successful sale which will ensure continuity of employment for the dedicated workforce of this 40-year-old business.”
The business had invested significantly in recent times on upgrades to plant and machinery, new stock lines and other business ventures.
Unfortunately, the return on this investment did not materialise as quickly as the company would have hoped and the business entered administration on the 29th of August.
“There was significant interest in the business and we are extremely pleased to conclude the sale to GJB Holdings following a short period of trading in administration,” continued Andy.
“Achieving such a swift and positive outcome for everyone involved is a testament to the administrators' staff from Smith & Williamson & Baldwins who worked tirelessly with Listers personnel to ensure a successful conclusion to the sales process.”
“I am delighted that the sale has concluded with the help and support of all those involved. Securing the future of Listers as a business was our primary goal to ensure the best possible result for creditors.
“It is hoped that the business can now focus on its clients and make plans to move forward successfully,” added Ian.
Addleshaw Goddard LLP acted for the joint administrators on the sale.
Smith & Williamson is an independently owned financial and professional services group.
The firm is a leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, entrepreneurs and mid-to-large corporates.