Deal saves 77 jobs across region at car accessory firm

The Grimsby-based firm, which has a £6m turnover, was sold to a new company owned by car cleaning products firm Tetrosyl Group, based in Manchester.

The deal completed nine days after Begbies Traynor’s appointment as administrators in a deal that will save all 77 jobs.

Godfrey Automotive Parts was placed in administration on Wednesday, November 9, owing creditors around £2.5m, including a £500,000 debt to the HMRC.

The company had traded from seven stores and distribution centres in Leeds, Wakefield, Sheffield, York, Hull, Scunthorpe and the head office and flagship showroom in Grimsby. The firm sold a range of auto accessories, vehicle parts, tools and maintenance consumables from its retail and trade counters.

All of the company’s depots and stores remained open, and the firm continued to trade as usual whilst a team of insolvency and restructuring specialists conducted a wide search for a potential buyer for the business that would recover funds for creditors and secure as many jobs as possible.

Rob Sadler, joint administrator at Begbies Traynor, said: “Godfrey Autoparts is an established and reputable independent parts retailer, and the business had every chance of thriving with the right owner and with proper funding in place.”

The new company formed to acquire the business is called Godfrey Autoparts. It is entirely independent of previous shareholders and is owned 100 per cent by Maccess Group, which is a wholly owned subsidiary of Tetrosyl Group. The directors of the previous company will be retained as employees to manage the business.

Andrew Walker, a partner at Irwin Mitchell in Leeds, also advised on the deal.