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PKF Smith Cooper has revealed that it has advised on the pre-pack sale of the business and assets of Abiljo Excavator Services Limited.
The firm revealed that the transaction has ensured the continuity of the business and the protection of all 19 employees.
Founded in 1979, Abiljo Excavator Services Limited built a reputation as a family-owned business known for designing and manufacturing excavator buckets.
However, in recent years, the company faced mounting financial pressures due to supply chain disruptions, cost volatility, and unpredictable order volumes following the COVID-19 pandemic. Despite efforts to secure additional funding, the business experienced sustained trading losses.
With increasing arrears to HMRC and growing cash flow challenges, the directors sought the expertise of Dean Nelson, head of business recovery and restructuring at PKF Smith Cooper.
Following a strategic review, an accelerated merger and acquisition process was initiated to preserve the business as a going concern. After a competitive bidding process and advice on the offers received from professional valuation agents, the highest offer was accepted from Abiljo Limited, representing the best outcome for creditors.
Matthew and James Walker are the directors of Abiljo Limited, having been joined by a new investor in the company.
Nelson said: “I am delighted with the outcome we have achieved for Abiljo Excavator Services Limited. It is incredibly rewarding to secure the future of a respected local business and safeguard the livelihoods of its dedicated workforce. We wish the new owners and the team every success moving forward.”
