The future of Thomas Wright/Thorite Group Limited, the Bradford-based wholesaler, distributer, and installer of compressed air equipment, has been secured following a sale of the business and its assets to Flowtech Fluidpower plc.
Howard Smith and Rick Harrison from Interpath Advisory were appointed joint administrators to Thomas Wright/Thorite Group Limited on 23 August 2024.
With roots dating back to 1850, Thorite is a leading UK provider of pneumatics, compressed air, vacuum and fluid handling products and systems. The Company operates from seven sales and service centres across the UK.
The Company had recently experienced trading difficulties and as a result, had become loss-making. Following an exploration of sale, refinance and investment options, it became clear that a solvent solution was not possible, and as such, the directors took steps to seek the appointment of administrators.
Immediately following their appointment, the joint administrators sold the business and its assets to AIM-listed Skelmersdale-based hydraulics business, Flowtech Fluidpower plc. As part of the transaction, all of the Company’s 105 employees have transferred to the purchaser.
Howard Smith, managing director at Interpath Advisory and joint administrator, said: “Having traded for over 150 years, Thomas Wright/Thorite Group has forged a longstanding reputation for innovation and for the quality of its products. We’re therefore delighted to have secured the future of this historic business, preserving the jobs of its dedicated workforce, with this sale to Flowtech Fluidpower, We wish the Company all the very best for the future.”
