Phoenix restructures Andrew Page finances

Phoenix Equity Partners took a majority stake in Andrew Page in one of the biggest deals of 2010, valuing the company at £100m.

The buyout firm has invested an undisclosed sum into the business as part of the restructuring.

Phoenix appointed Jim Sumner, the man who led turnarounds at busmaker Optare and Leyland Trucks, as chairman.

Annual accounts for the year ending May 2012 show Andrew Page Holdings had net liabilities of £134m versus total assets of £125m.

It reported a 13 per cent fall in turnover to £122m and a pre-tax loss of £4.3m.

News of the restructuring emerged in a small notice posted in the London Gazette, announcing that Oldco 1 - formerly known as Andrew Page Holdings Ltd - and Oldco 2 - formerly known as Andrew Page Acquisitions Ltd - were both in administration.

The notice said Toby Scott Underwood, Ian David Green and Andrew Ross of PwC were appointed as joint administrators of the non-trading holding companies on February 26.

A spokeswoman for PwC said: “Following their appointment, the joint administrators completed a sale of the assets of the companies as part of a wider financial restructuring to facilitate the investment of significant new capital into the Andrew Page group of companies.”

In a statement for the Yorkshire Post, Bill Duffy, chief executive at Andrew Page, said: “We are very pleased to have secured additional investment to enable us to further develop our operations through our network of branches, our product ranges and the service to our customers.

“While motorists continue to be protective of the pound in their pocket and defer some maintenance on their cars, we are nevertheless seeing encouraging business levels across the Andrew Page Group.”

Andrew Page acquired Camberley Auto Factors Ltd in July 2012 to create one of the largest independent parts distribution businesses in the UK.

John Rastrick, partner at Phoenix, said: “Jim’s appointment is excellent news for Andrew Page and his wealth of experience, coupled with the new money, will help Andrew Page develop its operations, product range and service to customers.”

@bernardginns