A Cheshire-based manufacturer of video systems for aircraft has been bought from the hands of administrators by a former director and an ex-Deloitte partner specialising in corporate finance. The multimillion-pound pre-pack deal is part of a restructure that has safeguarded 200 out of 250 jobs worldwide.
Anglo Design Holdings (ADH), the non-trading parent of Daresbury-headquartered video services provider the AD Group, entered administration on 15 April 2016 with Russell Cash and David Thornhill of FRP Advisory appointed joint administrators. The AD Group's activities are undertaken by a number of subsidiaries including Preston Brook-based AD Aerospace, which designs and makes video camera systems to improve the safety and security of aircraft, and Daresbury-based Dedicated Microcomputers, a HD video services specialist.
ADH had previously field a notice of intention to appoint administrators on 21 March, working with turnaround specialists at FRP to liaise with customers, suppliers and staff and market the business for sale. Following an accelerated sales process, eight parties signed non-disclosure agreements.
On the same day that ADH subsequently fell into administration, the entire shareholding of AD Aerospace and certain intellectual property rights were bought in a pre-pack deal by newly incorporated company Aghoco 1389 for £2.3m. The transaction excluded ADH's other assets including debtor balances due from other group companies, FRP said in a newly published statement of administrator's proposals dated 22 April 2016.
The sale of AD Aerospace secured jobs for all of its 19 employees as well as a further 18 jobs at ADH, ongoing trading to all of its customers, and ensured there was no impact to its creditor base, according to a media statement by FRP.
Russell Cash, joint administrator and partner at FRP Advisory, said: "AD Aerospace is an established business providing aircraft video systems for security and safety, and we are pleased to have completed a swift sale out the administration of its former parent holding company.
"Securing a solvent sale of the AD Aerospace business, together with certain intellectual property assets, offered the best long-term solution in the interest of creditors while securing 37 jobs and ensuring AD Aerospace can continue to trade without interruption serving its array of customers. We wish the business the very best under its new ownership structure."