Following a significant restructure, Rely Precision Casting (Pty) Ltd (Rely) has been bought by a consortium of successful investors, one of whom is the GeT Metal Group (GMG). Rely had been in business rescue for 14 months and have now filed for substantial implementation of the agreed business rescue plan with the CIPC, thereby effectively taking the business out of business rescue.
“We saw the potential in the Rely business and this has been vindicated with it surviving by being supported by clients and suppliers during the 14-month rescue period before we acquired the business in partnership with some private investors,” said Ebrahim Khan, a Director at GeT Metal Group.
“Rely is one of three investment casting foundries in South Africa. Situated in Boksburg, Gauteng, the foundry was originally established as a sand casting facility in 1953 with investment casting capabilities added in 1971. Though Rely itself has been in operation since 1953, RelyIntracast is actually the newest investment foundry in South Africa having been formed by the merger of two of the leading investment foundries in the country at the beginning of 2007.”
“The GeT Metal Group was founded by myself and Andrew Bishop and has rapidly evolved into a prominent player in the South African industrial metals industry. Boasting a robust portfolio of unique industrial assets and large-scale heavy industry infrastructure, the GeT Metal Group’s facilities span over 300 000m² with a total melting capacity of 144 metric tons per hour at full production.”
“Assets include GeT Alloys (Cape Town and Johannesburg), GeT Steel (Cape Town and Johannesburg), GeT Fuel (Cape Town), Eclipse Foundry (to be rebranded as GeT Castings), Standard Foundry (to be repurposed as a multi-use industrial operation), and Naledi Foundry, all located in Johannesburg.”
“We would like to thank all of our valued customers who supported us over the past 14 months for believing in Rely. With your support, we have been able to successfully implement our recovery strategy to the point where long-term viability has been restored. Our reputation for producing excellent products has helped secure strong new business partners which has saved the jobs of 90 people whose families are dependent on our long-term success. We could never have got to this point were it not for your support and for that, we thank you.”
“In addition to extending our sincere gratitude, we would like to advise you that we are back to business as usual. All our production assets remain firmly in place and our highly skilled sales staff are ready to serve your every need. Please feel free to call us about any product enquiries you may have.”
“Thanks again for your loyal support and we look forward to continuing to grow our long-standing relationship with you.”