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Lawrence Davis bu up part of Ray Smit
Page 7
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ADMINISTRATORS FOR the Ray Smith Group (RSG), which shut up shop before Christmas, have sold part of the business to Lawrence David and expect to sell the rest soon.
The Peterborough-based company blamed difficult trading conditions and the inability to raise new finance for its collapse into administrative receivership on 19 December. At the time 147 staff were made redundant, including 24 from RSG subsidiary Garfield Hydro!.
Baker Tilly was appointed as administrative receiver; partner Graham Bushby says a thorough financial analysis showed the business was no longer viable, despite a £8.5m turnover in its last set of accounts. Partner Bob Bailey adds: "We've sold part of the business and hopefully we'll conclude the sale of the other part in the coming weeks." Fellow Peterborough firm Lawrence David has acquired the RSG One-Call aftersales support operation and recruited former RSGtechnical director John Holland to run its cold-store division. The trailer manufacturer has also taken on a dozen RSG workers and might start supplying its own demount equipment.
Lawrence David will be building the lifting decks it formerly sourced from RSG in-house.