Surface Transforms plc – in Administration, Sale of Business and Assets

About this update from Surface Transforms Plc

LIVERPOOL, May 22, 2026--(BUSINESS WIRE)-- Surface Transforms plc – In Administration (the "Company") Sale of business and assets On 22 April 2026 the Company announced that Michael Magnay, Joanna Bull and Jonathan Marston of Alvarez & Marsal Europe LLP (the "Joint Administrators") had been appointed as Joint Administrators of the Company. The affairs, business and property of the Company are being managed by the Joint Administrators who act as agents of the Company and without personal liability. The Company, acting by the Joint Administrators, has entered into an asset sale agreement (the "Sale Agreement") to sell substantially all of the business and assets of the Company to CCST Limited (the "Buyer"). This transaction completed on 22 May 2026. The assets included in the transaction include the trading business, computer systems, intellectual property, contracts, equipment, stock, records and goodwill of the Company including the right to use the name Surface Transforms. The Transaction is being treated as a relevant transfer for the purposes of the Transfer of Undertakings (Protection of Employment) Regulations 2006 and accordingly the ten remaining employees engaged in the business of the Company immediately prior to Completion have transferred to the Buyer. The Buyer is recommencing the manufacture of carbon ceramic brake discs from the existing site in Knowsley, Liverpool and will be looking to employ workers in the area with the requisite skill set to assist with this. The consideration received by the Company as a result of this transaction is £1.4 million (exclusive of any applicable VAT), which was satisfied in full in cash on completion. No shares or other securities form part of the consideration. In addition: The Joint Administrators have received an independent valuation of the relevant assets from Gordon Brothers Asset Ingenuity Limited ("Gordon Brothers") and are satisfied that the consideration received is greater than the net orderly liquidation value of the relevant assets. The Company’s secured creditors have provided their consent to the transaction. The Buyer is a connected party as a former director of the Company is also a director of the Buyer. Therefore, under the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the "Regulations"...

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