Insider Media Limited

Who?
Bromford Holdings, the Birmingham aerospace company.

Did what?
Has acquired the trade and certain assets of Leicester’s H Beesley from administrator KPMG.

What does this mean?

The acquired business will now trade as Bromford Technologies Leicester. The business, which employs 99 people at two sites in Leicester, is complementary to the existing Bromford businesses, being involved in the fabrication of components for the industrial gas turbine market and high precision machining for the aerospace and marine sectors.

Who advised?
Corporate Finance advice was provided by Orbis Partners and legal matters were dealt with by Travers Smith.

Insider comment:
In the year to 30 September 2008, the latest for which accounts are available, H Beesley had net assets of £348,008, down from £438,991 the year before.

Joint administrator Richard Philpott, from KPMG Restructuring in Leicester, said: “We had a promising amount of initial sales enquiries from interested parties. The sale of H Beesley is good news for the business and the Leicester economy.

“There has been a lot of support for H Beesley from the local community during this uncertain time. In particular, we would like to thank the staff, suppliers, customers and existing management team who have played a vital part in making sure the business continued to trade while we tried to secure its future.”

Mike Smith, CEO of Bromford, said: “The combined businesses will be a major force in the market and will have the funds to exploit the many opportunities we have as a combined business.”