The joint administrators of Slack & Parr Limited and Slack & Parr (Investments) Limited have concluded a sale of the businesses and certain assets to Hayward Tyler Fluid Handling Limited, a subsidiary of Avingtrans PLC.
The transaction safeguards the jobs of 100 people located at Slack & Parr’s base in Kegworth, near Derby.
Slack & Parr is a third-generation family-owned specialist pump manufacturer which supplies gear metering pumps, rotary hydraulic flow dividers and industrial dosing pumps throughout the UK and worldwide. Howard Smith and Chris Pole from Interpath Advisory were appointed as Joint Administrators to the Companies on 3 July 2023.
Based in Glasgow, Hayward Tyler Fluid Handling Limited is a designer and manufacturer of performance-critical electrical motors and pumps for the global energy and chemical industries.
In addition to acquiring the business and certain trading assets of Slack & Parr Limited, Hayward Tyler Fluid Handling has also acquired Slack & Parr (Investment) Limited’s trading subsidiaries in the USA and China, which employ 27 people across both jurisdictions. Hayward Tyler Fluid Handling has also taken an assignment to the lease of the group’s freehold property which is owned by Cogking Limited. The joint administrators are now marketing this tenanted property to investors.
Howard Smith, managing director at Interpath Advisory and joint administrator, said: “Following our appointment, we were able to trade the businesses for over four weeks, maintaining continuity of supply and minimising disruption to customers. Following a marketing process, this then enabled us to conclude the sale to Hayward Tyler Fluid Handling, which not only ensures production will continue at Kegworth, but importantly, safeguards over 125 jobs across the wider group.”
Austen Adams, managing director at Avingtrans’ Process Solutions and Rotating Equipment division, said: “We’re delighted to welcome the Slack & Parr team to the Avingtrans group. The Company has a long-standing reputation for high-precision engineering, and as such, will add further weight to our own portfolio of specialist pump products.”
The Joint Administrators were advised by Squire Patton Boggs (UK) LLP, Hilco Appraisal Limited and Sanderson Weatherall LLP. Avingtrans PLC were advised by Shakespeare Martineau LLP and ParkHill Corporate Finance Limited.