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SFP completes sale of business of Ultimate Communications Systems Limited PDF Print E-mail
Monday, 21 September 2015

The nationwide insolvency practitioners, SFP has completed a sale of the business and assets of Middlesbrough-based Ultimate Communications Systems Limited.

Established in 2002 to provide audio visual (AV) solutions and network installations, Ultimate was the subject of a management buyout (MBO) in 2008 by the current directors.
 
Historically, the Company was a well performing and profitable business, but several bad debts as a result of a large contractor ceasing to trade in 2013, and a general downturn in trade saw the company struggle to perform financially.
 
Simon Plant and Daniel Plant of SFP – both licenced by the Insolvency Practitioners Association – were appointed as Administrators of Ultimate Communications Systems on 3rd September 2015, by its secured lenders, Factor 21.
 
Daniel Plant, Director at SFP says considerable negotiations were carried out to achieve a sale of the business as a going concern: “The business has historically performed well and it is a very pleasing outcome to protect the majority of the jobs and to achieve a going concern sale,” he says.

(Source - SFP Press Release)
 

 

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