We are pleased to announce the successful sale of George Dyke Limited in a deal that has safeguarded the future of the 200-year-old business and secured almost 40 jobs.
The business, which is located in Darlaston, West Midlands, was acquired out of administration by RB Forgings (UK) Limited. George Dyke is a forging specialist that has been at the forefront of the metal forgings industry for more than 200 years. It supports a strong portfolio of blue-chip customers and will continue to operate from its well-equipped premises at Imperial Works, Heath Road.
Raj Mittal and Tony Barrell, Partners in our Restructuring Advisory team, were appointed Joint Administrators of George Dyke Limited after the business had suffered severe cashflow issues following a period of challenging trading conditions. Upon their appointment the Joint Administrators commenced a competitive sales process and after a number of expressions of interest, secured the sale of the business to RB Forgings (UK) Limited in a deal that saved 39 jobs.
RB Forgings (UK) Limited also operates Shakespeare Forgings in Cradley Heath and is part of the India-based RB Group. The wider group specialises in forging, machining, gear cutting and assemblies and has plants in India and the UK.
Commenting on the deal, Sanjeev Garg and Dr Stephen Potts of RB Forgings, said: “Our group is a collection of specialist businesses that place manufacturing excellence at the heart of their strategies in order to provide a best-in-class service to their clients. With its strong heritage, specialist teams and loyal customer base, George Dyke is a complementary addition to the group. This deal will strengthen our forgings arm in the UK and we look forward to working with the current team at George Dyke to support the growth of the business here in the West Midlands.”
Raj added: “Not only does this deal save a number of jobs, it secures a future for a renowned forgemaster that has a rich heritage here in the West Midlands. I’d like to thank the firm’s employees and its loyal customer base for their continued support throughout this process and wish the team the best of luck moving forward.”
We were advised by Pinsent Masons, Avison Young and Gordon Brothers.
RB Forgings was advised by Higgs and Sons.