Advisory firm ReSolve has announced the sale of the brand names, physical and intellectual property assets of Lignia Wood Company out of administration to Accoya Color UK Limited, a subsidiary of Accsys Technologies PLC (Accsys).
Accsys said it plans to transform the Lignia site into its own production facility, focusing on colouring their core Accoya acetylated wood products to create Accoya Color, and hopes to retain some of the existing staff.
Chris Farrington, partner at ReSolve, said: “We are pleased to have completed the sale of the business and assets of Lignia Wood to Accsys. It is unfortunate that Lignia’s sales were adversely impacted by Covid-19 and it was unable to secure the necessary capital to survive in these challenging times.
“It is, however, rewarding to have found a suitable buyer that is able to make good use of the assets and hopefully retain some of the skilled workforce.”
Rob Harris, CEO at Accsys, added: “We are delighted to have purchased the business and assets of Lignia, which will enable us to significantly accelerate growth in our production capability of Accoya Color to help us meet the demands for this product from the market, and drive forward our growth ambitions for the business.”
John Alexander, Accsys Group Sales director and Business Integration director for the new Accoya Color facility, concluded: “Adding the equipment, assets and staff at the site in Barry, Wales, is a great fit for us as we grow and evolve our product range with Accoya Color.Throughout this process ReSolve has been an excellent partner, working with us diligently and professionally.
“They have been great at making themselves available for support and communication to reach a successful outcome, both with us and with the people based on the site, fostering a positive environment that was critical to retaining key individuals and greatly benefits the smooth integration of the operation into the Accsys family.”