Ensors rescues Stanref business
Mark Upton of Ensors Chartered Accountants, acted in the sale of the business and assets of Stanref International Ltd (Stanref) to a wholly owned subsidiary of DAMSLE LLP, securing the immediate future of the 24-strong workforce.
The sale followed the appointment of Upton and colleague David Scrivener as joint administrators of Stanref on September 29.
Stanref, a manufacturer of pressure vessels and heat exchangers for the refrigeration and oil & gas industries, had been experiencing difficulties and called in the services of Mark, business recovery and turnaround partner at Ensors Chartered Accountants, to help.
He said: “Stanref had some challenging issues but from the outset our focus was on trying to secure a sale of the business as a going concern and to secure the continued employment of the long serving, skilled and loyal work force and I am delighted that with the sale to DAMSLE we have been able to achieve that.”
DAMSLE LLP is a privately financed investment house specialising in supporting SMEs in East Anglia and the Home Counties, particularly those with strong reputation and potential for scale.
Adrian Howlett, partner in DAMSLE LLP commented: “Demand for air conditioning and heat exchangers is still in a growth phase. Stanref has a unique position in the supply chain which Brexit outcomes could help benefit, so we are pleased to be able to support this long established, Bury St Edmunds-based business.
“With some reinvigoration and focus, we expect the business can build on its reputation for quality product and start to scale up activities. If that can be achieved we can provide greater certainty and security for the workforce.
“Recognising the strength of the Stanref name in the industry, DAMSLE has acquired the business through a company specifically established for the purpose and will trade under the name of Stanref/Stanref International (2017) Ltd going forward.”
• PHOTOGRAPH SHOWS: Mark Upton of Ensors