Successful Sale of the Gemma Group
Julie Palmer and Antony Fanshawe, partners at Begbies Traynor based in Southampton, Portsmouth, Bournemouth and Salisbury, are pleased to announce the sale of the business and assets of Gemma Group, comprising the trading companies, Whiteley Electronics Limited and Gemma Electronics Limited, to Bombardier Transportation UK Limited.
Whiteley Electronics trading from Mansfield, Notts is involved in the fabrication and installation of rail and bus passenger information systems. Gemma Electronics, based in Cosham, Hants is involved in the manufacture of printed circuit boards for Whiteley and a number of other blue-chip customers.
The Group suffered from losses in 2006 and 2007, which has led to severe and increasing cash constraints in the last 18 months, despite a healthy forward order book. This position has been exacerbated by the current economic downturn. The Group entered Administration on 14 July 2009.
The sale preserves the vast majority of the jobs for 150 employees.
Julie Palmer commented “I am delighted to achieve a successful going concern sale. Whiteley Electronics is a long standing and major employer in the Mansfield area having traded since 1930. It has been a difficult period for the workforce of both companies. I am grateful for their support during the Administration and we have demonstrated that even in this difficult climate there are still buyers there for good businesses.
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and the None Administrative Receivers Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.