A Poole-based engineering and construction firm has been sold out of administration in a deal which is expected to secure the future of the business.
EWL Building Services Ltd appointed leading business recovery and rescue specialist Begbies Traynor to handle its administration process.
Gavin Savage, a director at Begbies Traynor’s Southampton office, completed the sale of the business on May 3 to Tamar Design and Build Ltd. The sale out of administration has secured the jobs of seven staff working for the business.
The director of the business, Mark Clements, will continue to play an integral role in the running of the new firm.
Mr Savage said the company formerly had two main offerings – mechanical and electrical engineering, and construction. Though the mechanical and electrical engineering side of the business had fared well, the construction side had suffered due to diminished profit margins which has adversely impacted the company’s cash flow.
Mr Savage said: “As the company had been struggling, it was decided that administration and a subsequent sale was the best course of action. This has meant that we have enabled the director to restructure and move on quickly and efficiently in order to meet the future requirements of the business. It has also meant that no employees were made redundant as a result of the administration order, and we have secured the jobs of the seven staff.
"If we had not acted quickly to secure the sale, the company would have likely closed, resulting in both a loss of jobs and a worse return for creditors."
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.