FRP’s Restructuring Advisory team safeguard jobs and secure the future of Househam Sprayers

Background

Since 1970, Househam Sprayers has been a leader in agricultural innovation, designing and manufacturing advanced crop spraying systems. Based in Woodhall Spa, Lincolnshire, its product range includes the Spirit, AirRide, and Harrier models.

Beyond manufacturing, Househam operates a UK-based global parts division, maintaining an extensive inventory of over 24,000 line items, ensuring reliable access to spare parts worldwide.

In addition to the general inflationary pressures impacting many markets across the globe, the Company’s financial difficulties were driven by disruption in key overseas markets arising from the war in Ukraine and uncertainty in the UK market leading to farmers delaying or restricting investment.

Action

In advance of a winding up petition that was due to be heard and following an initial assessment of the options available to the Company, FRP’s Restructuring Advisory Partner, Sandy Kinninmonth and appointment-taking Director, James Prior were appointed as Joint Administrators of Househam Sprayers Ltd.

Upon appointment the administrators sought to preserve the business and its operations whilst conducting an accelerated sales process for the trade and assets of the business. Working alongside agents, legal advisors and the incumbent management team, following a thorough marketing process the existing director and shareholder put forward an offer to purchase the business that was in the best interests of creditors generally.

Outcome

FRP successfully completed the sale of the trade and assets of Househam Sprayers Ltd to Househam Group Ltd, securing financial stability and unlocking growth opportunities for the business. The transaction mitigated disruption to ongoing projects and customers, and protected the employment of 47 loyal members of staff, collectively retaining 380 years of knowledge and experience.