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|All jobs secured after sale of south-eastern decorating business|
|Monday, 18 July 2016|
Nationwide insolvency practitioners SFP has secured the jobs of all employees at J H Maunders Ltd, a provider of building and decorating services to local housing associations, after the latter fell into administration. SFP has achieved a sale of the business as a going concern.
J H Maunders had experienced mounting HMRC debt, creditor pressure and an uncertain order book, and entered into a Company Voluntary Arrangement (CVA) in September 2014.
After the firm experienced further difficulties, and failed to meet the obligations of its CVA, it appointed SFP’s joint-administrators Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association (IPA) – on 29th June 2016.
SFP organised valuation agents to market the business and received six expressions of interest from different parties. This resulted in a Sale and Purchase agreement with one of the interested parties on 1st July 2016. All four J H Maunders’ employees were transferred over to the purchaser via the TUPE process.
“This is the best result for the firm, its contracted employees, and the wider sub-contracted network,” says Simon. “We were able to quickly find a buyer and organise the sale within two days, ensuring the impact on trading and employees was kept to a minimum.
“This is a prime example of how seeking expert help to turn a business around is vital. The responsible actions of the firm’s directors not only secured the future of its own employees, but also supports the future of a group of between ten and fifteen sub-contractors with whom they regularly work.”
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