Colson Group Holdings LLC announced today it has acquired a majority of the assets of Colson Castors Limited (in administration) through its new subsidiary, Colson UK Limited. Colson UK Limited will manage the business at its current location in West Bromwich while it arranges to relocate the assets purchased to a new location in the area. Included in the assets purchased are all of the Colson Castors Limited brands.
“We are pleased the Colson Group bid was successful and look forward to transitioning the business to our new company,” said Tom Blashill, Colson Group CEO. “Our experienced team in the UK is committed to providing outstanding products and support to our customers in a structure that will support their future success.”
Colson Castors Limited entered administration in December 2016 with Grant Thornton UK LLP acting as administrators. A sale process took place while the company was in administration. Joint Administrator, Eddie Williams commented: “I am very pleased to conclude the sale of the majority of the assets to Colson UK Limited, which delivers the best outcome for the Company’s creditors and stakeholders.” The Joint Administrators will now market the company’s freehold property and residual assets, to maximize the return to creditors.
“We are looking forward to growing our business and servicing our customers,” said General Manager and Finance Director of Colson UK Limited, John Smithies. “Our core team remains in place to continue to provide the high level of customer service our customers expect.”
“The UK plays an integral role in our global customer supply chain process,” said Colson UK Sourcing and Operations Director, Jayne Simonds. “Our highly qualified supply chain team will work to ensure there are no interruptions in product delivery, as our new company allows us to continue to leverage Colson Group’s supply chain strengths.”