UK - Lancashire based ink company Wolstenholme Group has been sold to German firm Eckart GmbH & Co in a deal for around £22m, with the proceeds used to buy out the deficits of its pension fund.
Explaining the background to the deal, Andrew Rink managing director of Wolstenholme Group, explained the company was tackling a number of challenges. This involved operating in a very tough market with high metal prices, and in addition the pension scheme had a significant deficit which it needed to address.
“The decision to sell has not been easy but we believe this sale is the best solution for all concerned. The proceeds from the sale will be used to buy out in full the deficit in the UK company defined benefit pension scheme at a cost of £10m,” said Rink.
The sale price of the firm is around £22m, this includes £16m for the business, £2m for production equipment and approximately £4m for stock.
The company expects around 95 redundancies on or within 90 days of completion with further job losses at the end of the tolling period.
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
UK defined benefit (DB) schemes have increasingly undertaken benefit reviews over the last four years resulting in an acceleration of scheme closures, Aon research finds.
Contributions are no longer sufficient to meet regular payments for three-quarters of small- to medium- sized defined benefit (DB) schemes, Buck analysis finds.