Newly formed Ham Baker Group Limited, backed by Birmingham-based equity fund, Intrinsic Equity, has acquired the shares in five solvent subsidiaries of F J Holdings Limited and the trade and assets of the Flow division from administrators at FRP Advisory, safeguarding more than 130 jobs
The companies acquired were Industrial Valves Limited, Industrial Penstocks Limited, Industrial Pipeline Solutions Limited, IVL Flow Control Limited and FJ Estates Limited (the Solvent Entities).
Raj Mittal and Russell Cash, partners at FRP Advisory, were appointed on 15 February 2017 as joint administrators to the company and one of its subsidiaries, a Stoke based engineering group, and swiftly completed a sale of the flow division of Ham Baker Adams and the shares in the Solvent Entities.
The administrators are currently assessing options for the remaining process division of Ham Baker Adams.
The business manufactures and supplies specialist products to the water and wastewater markets. The group reported consolidated turnover of £30m 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 turned to administration to secure a more viable solution in the interests of all stakeholders, FRP Advisory said.
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.’