NINE jobs have been safeguarded in Sheffield after a Yorkshire vehicle parts firm was sold out of administration.
Godfrey Automotive Parts Limited, a £6 million turnover motor parts trade retailer which had its headquarters in Grimsby, has been sold out of administration for an undisclosed sum by joint administrators.
The sale is to a new company owned by Manchester-based auto cleaning products business Tetrosyl Group.
The deal will save all 77 company jobs, including nine at the Sheffield outlet on Charles Street.
The company had traded from seven stores and distribution centres - in Sheffield, Wakefield, Leeds, York, Hull, Scunthorpe and Grimsby.
It sold a range of auto accessories, vehicle parts, tools and maintenance products.
All of the company’s depots and stores remained open as usual while the buy-out deal was arranged, and the firm continued to trade as usual while a team of insolvency and restructuring specialists conducted a search for a potential buyer.
The new company formed to acquire the business is called Godfrey Autoparts Ltd. It is independent of previous shareholders. The directors of the previous company will be retained as employees to manage the business.
Adrian Graham, partner at Begbies Traynor in Sheffield, said: “The acquisition makes perfect strategic sense for both businesses.
“Hopefully, now the business can start to rebuild without the millstone of debt that had built up over several very tough years of trading.”