Published: 16th November 2018
Administrators at a south west trampoline park have succeeded in saving 81 jobs at the company after securing the sale of the firm’s two divisions.
Neil Vinnicombe and Simon Haskew, of Bath office of business rescue specialists Begbies Traynor, were appointed to handle the administration of Freedog Ltd in October.
After an extensive marketing campaign, the administrators have completed the sale of the business and assets of Freedog’s trampoline/activity parks in Bristol and Swindon. Of the 81 jobs saved, 40 are in Bristol with the remainder in Swindon. Neil and Simon were assisted by Nigel Boobier, of law firm Osborne Clarke in Bristol.
Freedog’s directors had attempted to sell the business prior to Begbies’ engagement but their plans were dashed when the buyer withdrew at the eleventh hour.
Due to Freedog’s good brand and customer loyalty, Begbies Traynor’s marketing campaign produced significant interest within the sector, which has expanded rapidly over the last five years but now appears to be experiencing a period of consolidation.
Neil Vinnicombe said: “It’s immensely pleasing to have achieved our objective of working with the directors and management to secure the immediate future of the business.
“This approach to rescuing the firm means that not only have we been able to protect the workforce, but we have also been able to provide continuity for the company’s loyal customers and avoided two large vacant warehouses in central city locations. Additionally, the sale should help maximise any potential return to the company’s creditors.”
Neil joined Begbies Traynor in 2003. He successfully sat the JIEB exams in 2005 and is a Licensed Insolvency Practitioner. He has 29 years' insolvency experience having previously worked at KPMG, Ernst & Young and Grant Thorton in Bristol.
He has a broad range of experience in Corporate Recovery and Rescue and works from the Bristol and Bath offices.