Administrators at business rescue and recovery specialists Begbies Traynor have saved 57 jobs at a Port Talbot-based commercial laundry business after securing a buyer for the firm.
Dyfed Cleaning Services Ltd – which was hit by a significant fire two years ago – entered administration on January 29, appointing Steve Wade and David Hill – from Begbies Traynor’s Cardiff offices – as joint administrators.
The sale of the business for an undisclosed sum to Dyfed Laundry Services Limited, part of Swansea-based Solo Service Group ( www.soloservicegroup.com), completed on Tuesday, 12 May.
The business, which is trading as a commercial laundry, three retail launderettes and a distribution centre, remained open during the 14-week administration period.
Steve Wade, director with Begbies Traynor, said: “We are delighted to have achieved a sale of the whole of the company’s business, preserving nearly 60 jobs, and allowing a very well-known local independent business to continue to provide a quality service to its customers in South and West Wales and further afield.”
Steve Hammett, chief executive of Solo Service Group, added: “We are looking forward to taking this business to the next level, by making significant investment in the business and increasing the customer base. Dyfed’s brand in synonymous with high quality service, and we will be looking to breathe new life into the brand.”
Steve is a qualified insolvency practitioner, having started his accountancy career with Deloitte Haskins & Sells, staying with them through the various mergers until leaving Price Waterhouse Coopers in the late 1990s. He then spent a few years working in credit insurance underwriting and recoveries, before joining Begbies Traynor in 2002 to help set up its first office in south Wales based in Newport. He moved to the Cardiff office following Begbies' acquisition of a leading liquidation practice in the city and currently works on trading assignments, as well as other corporate appointments and business reviews.
A keen musician, Steve spends much of his free time playing for a number of groups performing across south Wales and beyond.