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EK Williams

EK Williams

Successful Pre-pack Sells Accountancy Firm

The business of specialist management accountancy firm EK Williams has been sold via a prepack administration to a company owned by the former management. The sale was successfully negotiated after a period of marketing and discussion with interested parties. The company had provided bespoke services to petrol forecourt retailers since 1935. After acquiring another accountancy firm in 2010 the economic downturn caused difficulty in the company making the deferred payments, which led the directors to seek help from Begbies Traynor. The sale saved 27 jobs and provided continuity for its many blue chip customers.

Chain of Restaurants

Chain of Restaurants

Restaurant Group Returns to Founder

The team in Scotland completed a deal for the original founder of a chain of restaurants which were sold five years ago, to buy back the group saving 63 jobs. A well known restaurateur and his wife started the business over 21 years ago but sold the group and moved to a new venture. The restaurants ran into problems under the new owners and we were duly appointed as joint administrators. With a strong brand and loyal following in the region it was simply too attractive a proposition for the previous owner to ignore.

Local Tourist Attraction

Local Tourist Attraction

Eastbourne Attraction Saved

Our Administrators of a local tourist attraction on Eastbourne seafront have achieved its sale after many months of protracted negotiations. A number of early expressions of interest unfortunately failed to materialise and the park stayed closed for a long period. The team worked hard with the council and other parties to secure a new tenant for the park. The eventual deal saw the new company take a lease which also pays rent arrears to the council. The attraction has reopened this summer with new activities that will prove a good draw for tourists.

Independent Air Travel Ltd

Independent Air Travel Ltd

UK Tour Operator Relaunched

We were appointed Administrators for London and SE-based Independent Air Travel Ltd. Prior to appointment, the Joint Administrators ran an accelerated marketing campaign, successfully and quickly making a going concern sale to a firm with industry expertise and common stakeholders. Before administration, current and future bookings were successfully moved to another operator, safe-guarding the interests of clients on holiday at the time of appointment and those who had paid deposits, mitigating potential claims against the firm and bond providers. In a difficult, competitive industry, this has been a real success story.

Marston & Langinger

Marston & Langinger

Manufacturing Business Purchased out of Administration

Just a week after being placed into administration, our London team sold the assets and trade of Marston & Langinger to a new management team. Our skilful negotiation greatly increased the offer, in view of the number of interested parties. The High Street lender was repaid in full within three weeks, reducing interest on the debt, benefiting other creditors and saving this well-known maker of conservatories, bespoke joinery, blinds and furniture. The sale means ongoing employment for many staff, a number of contracts are preserved, and creditors claims are much reduced.

Keighley Cougars RFC

Keighley Cougars RFC

Successful Sale of Yorkshire Rugby League Football Club

The 133-year-old Keighley Cougars ‘Pride of Keighley’ RLFC club faced a winding up petition from HMRC. Attempts by the club and the Rugby League to secure funding and a repayment agreement with the Crown both failed: the remaining options were winding up or administration. Appointed Joint Administrators we immediately secured a sale of the business and assets to a consortium of local businessmen who are fans of the club. As well as saving the club, the deal secured the future of the playing squad and staff at the ground.

2nd Thoughts Ltd

2nd Thoughts Ltd

Yorkshire-based Value Clothing Company Rescued

2nd Thoughts Ltd, trading as Ellie Louise and Happit, was sold by our Leeds team after this long established chain fell victim to the retail sector downturn. Moving quickly they secured a buyer three days after appointment. HMRC had issued a winding up petition but liquidation would not be the best outcome, halting trade, losing goodwill and increasing preferential creditors through significant redundancies. Administration enhanced goodwill, ensured customer continuity and retaining most staff. This prompt ‘going concern’ sale allowed 49 stores in leasehold premises to go on trading, protecting over 240 jobs and minimising creditor claims.

Guernsey-based Licensed Fiduciary

Guernsey-based Licensed Fiduciary

Guernsey-based Licensed Fiduciary Placed into Administration

Managing trading for a trust management company is technically complex, needing insolvency experience and trust and estate practice qualifications. This firm could not meet ongoing regulatory and compliance requirements, so directors, the financial Regulator and Guernsey Royal Court appointed our Channel Islands team: fully experienced in restructuring. As the first administration of its kind in the CI, it needed close liaision between Administrators, the Regulator and other jurisdictions. The client portfolio is being moved to other management firms.

Gemma Group

Gemma Group

Successful Sale of Large Electrical Group

Gemma Group (Whiteley Electronics and Gemma Electronics), supplied a major UK train builder. The group suffered losses in 2006/07, exacerbated by the economic downturn, leading to severe and increasing cash constraints despite healthy forward orders. Our Nottingham and Southampton teams worked together to successfully trade both firms for seven weeks, employing almost all 150 staff. The major customer supported trading, emerging as buyer despite over 30 enquiries. They have kept staff on at both sites showing that trading administrations may be challenging but can save both firms and jobs.

Wolfteam Limited - Le Frog

Wolfteam Limited - Le Frog

Wolfteam Limited, the North East based owner of the Le Frog outlets, was placed into administration. The business was in a difficult trading position due to the economic slowdown and a reduction in the disposable income of its customers. Putting the business into administration gave directors’ protection from creditors until a new owner could be found. After appointment the businesses were operated under licence so a marketing exercise could be undertaken, followed soon after by a sale.

ABC Restaurant Group formerly Planet Hollywood (Trocadero)

ABC Restaurant Group formerly Planet Hollywood (Trocadero)

Operators of Planet Hollywood at the Trocadero in London went into administration on expiry of the lease and negotiations with the landlord failed. Rent over £1m p.a. and a large dilapidation claim made trading unprofitable. We then handled the administration: trading ceased and staff (about 100) became redundant. The company has now exited from administration and is in a CVA (Company Voluntary Arrangement). A new Planet Hollywood has opened at Haymarket in London.

SRM Holdings

SRM Holdings

SRM Holdings, a Leeds based property group and 36 of its subsidiaries which included Morris Properties, had debts totalling more than £50m owed mostly to a number of high street banks. The economic downturn in the housing market coupled with some bad publicity surrounding the business were cited as the main reasons for the failure of the company. All staff were unfortunately made redundant following the collapse. Investigations into the conduct of the companies’ directors have now commenced.

Fox Hayes LLP

Fox Hayes LLP

Fox Hayes LLP, a Leeds based property conveyancing practice, sold its traditional commercial and private client business employing around 40 staff to another practice. The deal did not include the Fox Hayes’ volume conveyancing business. Following this, the practice experienced problems when a major provider of remortgage work reduced its panel of legal firms and withdrew its current instructions of about 3,550. Our team of administrators was successful in pre-packing the sale of the remaining practice to a number of other firms, preserving a proportion of jobs and ensuring that the interests of the firm’s clients were looked after on an ongoing basis.

JAG Communications

JAG Communications

JAG Communications Ltd, the third largest mobile phone retailer in the UK, experienced a cash crisis after abort the purchase of a large number of extra retail outlets. This was compounded by borrowing conditions, which suddenly worsened late 08/early 09. With 245 jobs and 75 outlets at stake, our South West team successfully orchestrated a complex ‘pre-pack’ administration, whereby JAG Communications (Plymouth) Ltd was placed in administration while its assets were simultaneously sold to a new company, JAG Communications (South West) Ltd. The business continued trading without a break, saving all 245 jobs at a time of increasing unemployment.

TallyGenicom

TallyGenicom

Our London team were appointed Administrators to the UK operation of this US-based, respected market leader in back-office print solutions (in Chapter 11) with Group turnover of $180m. Referred by BGN member, Pluta (Interim Insolvency Trustee of the German intermediate holdco), we supported European sales/service operations, provided accounting/IT support across EMEA and disposed of most of the European business and assets as a going concern, which also enhanced UK debtor recoveries and overseas stock sales at cost plus. Recoveries continue: preferential creditors will be fully paid and unsecured creditors will receive a dividend. Sale of the service business is complete, reducing potential claims from ‘pre-paid’ customers.

Chiltern Mills

Chiltern Mills

Investment Achieved

Chiltern Mills is one of Yorkshire’s longest established textile retailers, which operates retail outlets in the North of England, unfortunately, the business became at risk when the parent holding company went into administration following issues with contracts and leases on its premises. Following a reorganisation to secure the successful trading company, the firm received further investment and was taken out of the ownership of its former parent company saving over 170 jobs.

Barbers Property Agents LLP

Barbers Property Agents LLP

Successful Restructuring

Barbers, a long-established and well-known firm of independent chartered surveyors and estate agents in the Midlands, went into administration after being affected by the worst financial conditions facing the property sector in over 20 years.

Capital Print & Display

Capital Print & Display

This London-based large-scale printer was given a cash payment to move from its site by the London Development Agency (LDA), making way for London’s 2012 Olympic Park. After moving, the firm experienced financial problems due to a decline in the printing sector, a large extraction of money and increased pressure from creditors. The bank then took the decision to appoint us as administrators. Our team secured the site, starting investigations into the company including assessing assets and liabilities. One hundred staff were made redundant. Our investigations continue but proceedings are commencing against former company officers and associated parties to return funds to the firm.