26th June 2024

DSW Principal Partners advise on pre-pack of engineering firm

A team from DSW Principal Partners, which offers access to skilled C-suite professionals on a fractional basis, advised Wolverhampton-based engineering company GE Starr on its pre-pack administration which saved 25 jobs.

ge starr

GE Starr specialises in metal forming, laser work, assemblies, toolmaking, and prototype projects for clients, including well-known automotive brands.

Mike Ellis, a business transformation specialist and co-founder of DSW Principal Partners, part of the Dow Schofield Watts network, led a team of professionals working on behalf of GE Starr’s management to explore options for the business while liaising closely with the administrator, Begbies Traynor.

The DSW team developed and implemented a restructuring plan, minimising disruption of supply to the company’s blue-chip client base and retaining all customers whilst safeguarding its workforce. Following the pre-pack, which involved the transfer of assets to a new entity, Mike and the team continued working with the business to put together a re-financing package to support its future growth. They are in negotiations with several investors.

Mike Ellis has also been appointed as Non-Executive Chair of the business to support ongoing development.

“Preserving jobs and ensuring business continuity were our primary objectives,” said Mike Ellis. “Through collaborative efforts and strategic planning, we were able to navigate the complexities of the pre-pack process efficiently, providing GE Starr with a sustainable path forward”.

He added: “DSW’s expansion into the Midlands last year proved beneficial in extending DSW Principal Partners’ reach into the area, and we are excited to continue to support local businesses in need of transformation experts”.

GE Starr’s management expressed their gratitude for the expertise and support provided by the DSW team. “The intervention by DSW Principal Partners was crucial in our time of need,” said a spokesperson. “Their professionalism and dedication were instrumental in our successful turnaround, and we are now well-positioned to thrive again”.