More than 90 jobs have been saved by the successful sale out of administration of Bale Group Ltd, one of the West Country's leading waste disposal companies.
John Kelly and Ian Walker, of business recovery and rescue specialists Begbies Traynor's Exeter office, were appointed joint administrators on May 20 after the company struggled with cashflow following a sharp reduction in turnover.
On appointment, the administrators immediately completed the sale of the company to Future Industrial Services Ltd - securing the future of more than 90 employees.
The company, which has been operational since 1998, has its headquarters in Honiton but also has a number of other sites in the South West. The family-run business specialises in the collection, treatment and disposal of hazardous and non-hazardous waste. It has a large fleet of specialist vehicles and employs almost 100 people.
The company and its assets were sold for an undisclosed sum, securing the jobs of all the employees. Future Industrial Services Ltd has its HQ in the North West of England, and this acquisition will add to its offering across the country, particularly in the South West.
Mr Walker, partner at Begbies Traynor's Exeter office, said: "This sale represents a real opportunity for the business to re-establish itself as the leading waste disposal firm in the area, joining an existing group that is already established in the North and the Midlands. The combined group will now have excellent geographic coverage. We quickly took the view that a sale out of administration was the best course of action, and taking this action speedily ensured we secured the jobs of more than 90 staff."
Mr Kelly, the joint administrator, thanked the staff for continuing to support the business during a difficult period, especially whilst the negotiations were taking place.
Mark is a partner in the Birmingham and Cheltenham offices. He is a Chartered Certified Accountant and also a Licensed Insolvency Practitioner. He joined the company in 2005 and has over 10 years restructuring and insolvency experience. He advises directors and management teams across a wide range of sectors.