Helen Bates of Clarion’s Corporate Recovery practice acted on behalf of the Administrators of Hemmels Limited in negotiating and successfully concluding the sale of the company’s business and assets out of Administration.
The company had a turnover of £8m in 2017 and specialised in the restoration of classic Mercedes-Benz cars, employing more than 40 staff at its Cardiff factory where it fully dismantled each car before carrying out the restoration.
The business focussed on the 280SL, 190SL and 300SL sports cars (including the Gullwing) which, following around 50 weeks of production time, are priced from about £225,000 to £1.4m when completed.
Richard Butterfield is the majority owner of the purchaser of the company’s business and assets. He is also the chairman and founder of Huddersfield-headquartered brand implementation agency; Principle Group.
Sports car enthusiast Butterfield said: "The global opportunity for beautiful products to this exacting standard is huge and we have plans to expand our production capability from todays 40 cars to around 80 by 2020.
"The cars themselves, in particular the iconic 280 SL of the late 60s and 1970s, appeal to a high net worth market all over the world and after being re-born then become a beautiful collector's item that can also be used daily. The client base, some of whom commission one of each model, include a wide and globally based diversity of buyers, from Asian Royalty to today`s Formula 1 drivers."
The sale of the business to the purchaser was completed on 27 September 2018, immediately following the appointment of Howard Smith and David Pike of KPMG LLP as joint administrators of Hemmels Ltd. Helen Bates acted for the Administrators, completing the deal just 8 days after receiving the initial instruction.
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