Bosal UK ceases production – 116 redundancies
Philip Duffy and David Whitehouse, both of global financial advisory and investment banking firm Duff & Phelps and Joint Administrators of Preston based Bosal (U.K.) Limited, have announced the sale of certain assets of the Company which relates to sales and marketing activities to Bosal International N.V. and Bosal Tobo B.V.
Bosal (U.K.) Limited was one of the largest manufacturers of aftermarket vehicle exhaust systems in the UK. A suitable purchaser could not be found for the company’s manufacturing division and as a consequence all production has ceased today (28th March) resulting in 116 redundancies. The warehouse will remain to operate for somewhat longer in Administration as a way forward is anticipated within a reasonable amount of time.
Philip Duffy and David Whitehouse were appointed Joint Administrators of the Company on January 11th 2013.
Philip Duffy stated: “Whilst the Company was a manufacturing and distribution centre, it did not own any design rights or any other intellectual property rights in the products which it handled. Following a lengthy marketing period it became apparent that no purchaser was in a position to submit a deliverable bid for the business as a whole, or specifically for the company’s manufacturing facilities.
“I am pleased to report a sale of certain Company assets which will enable uninterrupted fulfilment of customer supply agreements through the purchaser’s UK agent Bosal Automotive and Industrial Components,” added Duffy.
The wider Bosal Group remains unaffected by this decision