Accounting FirmsBusiness

Remy Automotive appoints Quantuma as administrators

The group injected a ‘substantial’ amount of emergency working capital throughout the pandemic, and investors were reportedly unable to continue funding the business

Remy Automotive UK Ltd, the motor parts remanufacturing business, has appointed Paul Zalkin and Andrew Watling of Quantuma Advisory Ltd as joint administrators. 

The Remy group operates globally and is reportedly acknowledged as a “leading” supplier of remanufactured starter motors, alternators, brake assemblies and steering products.

However, having injected a “substantial” amount of emergency working capital throughout the Covid-19 pandemic, investors were reportedly unable to continue funding the business and withdrew support earlier this year.

Remy’s UK subsidiary operates as the group’s sales and distribution channel for the UK, alongside its sister company in Belgium, which supplies and distributes Remy products across Europe. Additionally, the group’s manufacturing facilities are based in Tunisia and Hungary. 

Quantuma is also engaged as restructuring and M&A adviser to Remy in Tunisia and is working closely with colleagues in Belgium and Hungary.  

The group was funded by US corporate and private investors, who helped Remy accelerate its growth plans and establish itself as a brand name across the industry, and it has a history dating back to 1896.

Paul Zalkin, lead administrator and managing director at Quantuma advisory Ltd, said: “There is, undoubtedly, a fundamentally sound and viable re-manufacturing sales and distribution business within the Remy group, of which Remy Automotive UK is an important part.

“Historic group wide balance sheet issues can now be overcome using insolvency processes to restructure the assets. Working alongside my counterparts in Belgium, Hungary and Tunisia, I remain hopeful that it will be possible to rescue significant parts of the group.”

Show More
Back to top button