Indian firm buys UK hardware co
Eliza Tinsley, a Midlands-based engineering and hardware group has been bought by the Mysore-based Atlantic Group.india Updated: Apr 10, 2006 18:04 IST
Eliza Tinsley, a Midlands-based engineering and hardware group has been bought out of administration by the Mysore-based Atlantic Group, in yet another example of growing business ties between the region and India.
The Midlands region has a large minority of people Indian origin. Local authorities have been promoting the region to invite investment from India, and have set up dedicated infrastructure for this in Leicester and Birmingham.
Eliza Tinsley announced in a statement: "Eliza Tinsley & Co Ltd is pleased to announce that it has come out of administration following the collapse of Eliza Tinsley Group PLC, the engineering and consumer products group.
"The assets, including brands, of the old Eliza Tinsley & Co Ltd have been acquired by the Atlantic Group."
The statement added: "The Atlantic Group, based in Mysore, India, is engaged in the manufacture of textiles, finance and construction with a turnover of 87 million pounds and net assets of 33 million pounds."
The group has trading and warehousing operations in Malaysia and Indonesia and has also embarked on the development of four million sq ft IT Park at an estimated cost of 110 million pounds.
Eliza Tinsley managing director John Baker told the Birmingham Evening Mail: "We are delighted to be moving forward, especially with such an expansive group. Bulk orders have been placed and we are confident that we shall reach our service levels fairly quickly."
Rythm Jain, who will be the CEO of UK operations for the Atlantic Group, including Eliza Tinsley, said: "After expanding successfully in south-east Asia, this is the first step to expand group operations in the UK.
"We are happy that the group will trade in the Eliza Tinsley name and keep the 155-year-old name alive. We look forward to developing and growing the Eliza Tinsley DIY business to being a bigger force in the future."
The company went into administration in February, putting 1,000 jobs at risk at the group's factories in Britain, Italy and the US.
The Birmingham Chamber of Commerce has set up the India Pakistan Trade Unit to help small and medium enterprises across the West Midlands find partners in India, Pakistan, Sri Lanka and Bangladesh.
The unit will be the regional hub for information and advice about entering the four markets and will aim to raise the profile and awareness of the international trade opportunities.
Jonathan Webber, IPTU director, said: "India and Pakistan are two of the fastest growing markets in the world and it is important that West Midlands businesses are in a position to benefit from this growth.
"We have the support of all the international trade teams across the region and eventually we want to be seen as the first port of call for anyone interested in trading with south Asia.
"Businesses will be able to contact us directly, we will give them a brief diagnosis of their needs, then put them in touch with someone in their local area who will be able to help them some more."
IPTU will also be hosting workshop and seminar events as well as leading trade missions to India and Pakistan so companies in the region can meet their future business partners face to face.