Award winning turnaround practitioners ReSolve complete successful sale of precision tool manufacturer Salt Engineering Ltd.
UK Engineering. Sale & Turnaround
Salt Engineering Limited was incorporated in January 1983 and the Coventry-based business had been trading since 1945. A manufacturer of tools and precision engineering equipment, Salt served a number of significant industries, including aerospace, automotive, power generation and fluid power. Due to a decrease in work from a major customer, it found itself in distress and placed into Administration with Mark Supperstone, Simon Harris and Ben Woodthorpe of ReSolve appointed as Administrators.
Following their appointment, ReSolve’s Principals launched a successful accelerated marketing campaign to their business network. Within a short period of a number of days, there were several parties expressing interest in purchasing the business. Within three weeks in August 2016, a successful sale of the business and assets to Saluki Precision Limited, a limited company set up by a business operating in a similar industry, was completed quickly and efficiently.
As a result of ReSolve’s appointment, a business that had been operating for over 70 years was secured with full employment of nine jobs and provided a return to the Company’s secured creditor.
Mark Supperstone said “It’s a remarkable achievement for a small engineering business to secure employment for local people over 70 years. For ReSolve to be part of the story in keeping it going is highly rewarding to the team. We wish the business every success for another 70 years with its new owner.”
During the year that followed Salt Engineering continue to provide high quality and precision services to the likes of Rolls Royce, Jaguar Cars, Honda UK and Schenck. ReSolve continue to monitor the development of all its investments and advisory clients.