Sector: Manufacturing.
Struik & Hamerslag UK (S&H UK) produced high-class, bespoke interiors for quality marine and land-based projects. Founded in 2001 and based in Fakenham, Norfolk, the company was a subsidiary of long established Dutch group Struik & Hamerslag BV (S&H BV), which has more than 150 of the world’s finest super yacht interiors to its credit.
Challenge
Introduced to Buchler Phillips by legal advisers to the UK company, S&H UK had been an independently profitable business until severely damaged by the dual impact to its income of Covid-19 and the loss of two major contracts. After supporting its subsidiary for more than a year, S&H BV decided to cease further funding and, approaching the end of the Brexit transition period, to exit the UK permanently. The business could no longer trade.
Solution
Buchler Phillips, as Administrator, was tasked with finding a buyer for S&H UK. A marketing process was initiated, targeting channels that would help expedite a timely sale to a supportive buyer. The process delivered six interested parties, but buyers were reluctant to acquire the business as a going concern because of its associated Transfer of Undertakings (Protection of Employment) – or TUPE – liabilities.
Outcome
After careful and lengthy negotiations, joint administrator David Buchler managed to sell the assets and operations of S&H UK to two separate buyers, securing 25 out of 38 jobs at the company. A return to secured creditors and payment to preferential creditors was expected to follow.