Smith & Williamson secures buyer for UK leader Gowrings Mobility
Accountancy and business advisory group Smith & Williamson has secured a buyer for Britain’s leading manufacturer and supplier of wheelchair passenger vehicles.
Newship Estates Ltd has taken the wheel of Newbury-based Gowrings Mobility Limited, which employed 120 staff and sold more than 1,400 wheelchair passenger vehicles last year.
Gowrings’ business and assets, including the Gowrings’ name, was acquired for an undisclosed sum by the company, which is based in Weybridge, Surrey, and is part of the privately-owned Newship Group.
The Group consists of manufacturing companies, with a combined turnover of more than £100m, operating in the construction, packaging, precision engineering and medical markets throughout Europe.
Nearly 60 expressions of interest were received by Smith & Williamson administrators Steve Adshead and Greg Palfrey following widespread media coverage.
Mr Adshead said: “We’re delighted to say that, with Newship at the wheel, it is business as usual at Gowrings.
“This is a genuinely fantastic result - for the business, employees, suppliers and customers.
“Although unfortunately it was necessary to make 37 redundancies at the start of the administration, the safeguarding of 78 remaining jobs will be particularly welcome, especially in the light of the downturn. It had been a very anxious time for staff at the company.
“The offer tabled by Newship Group was the right one for Gowrings, and we are delighted to have traded on the business as a going concern and been able to secure this sale. We wish Gowrings every success under new ownership.”
He added: “From Smith & Williamson’s perspective, it was a tremendous team effort, with the administration team working closely with our corporate finance team, which is headed up by Amanda Phillips.”
Gowrings sells converted new and used mobility cars and vans from manufacturers such as Vauxhall, GM, Fiat, Renault, Ford, VW and Citroen and had revenues of £19.5m in its last financial year.
The company ran into financial trouble because of base vehicle and vehicle leasing scheme cost increases, with Smith & Williamson appointed at the beginning of June.
Gowrings Mobility has a showroom, offices and a 37,000 sq ft conversion factory. Customers include the disabled, carers and healthcare providers.
The company invented the original ‘wheelchair passenger vehicle’ – a converted Austin Mini Countryman – and makes all kinds of alterations as part of the conversion process, including lowering floors and fitting secure restraint systems and lightweight ramps.
It was also the first supplier of wheelchair accessible vehicles to the national Motability Scheme, set up by the government in 1977.
The scheme enables disabled people to use government-funded mobility allowances to obtain a new car, powered wheelchair or scooter, with Gowrings Mobility offering one of the widest ranges in a UK-wide network of dealers.
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