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|Facilities Services Contractor Saved by SFP|
|Wednesday, 27 July 2016|
Nationwide insolvency practitioners SFP has saved the future of the CleanEvent Group of companies and in the process c.700 employees’ futures.
The CleanEvent Group, which includes Cleanevent (UK) Limited, CE Facilities Services Limited, CE Risk, Safety and Security Services Limited, and Clean Domain Limited, all providers of cleaning services, was bought by CleanEvent Services Limited (formerly known as CE Revo Services Limited).
Despite being an established Group with a previous year’s turnover of c.£10 million, the CleanEvent Group suffered from reduced margins and increased competition, causing cash-flow troubles and unmanageable liabilities. One of the entities within the group had also been presented with a winding up petition. As a result, SFP’s joint administrators Simon Plant and Daniel Plant, both licensed members of the Insolvency Practitioners’ Association (IPA), were appointed to manage the Group’s affairs.
CE Facilities Services Limited holds subsidiaries in Brazil, South Africa and Australia.
Following a valuation of each of the entities within the group, SFP successfully negotiated the sale, allowing for business continuity and the fulfilment of ongoing contracts.
“It was necessary for four redundancies to take place. All remaining jobs however, have been secured and the Group is now looking to push on and win more prestigious cleaning contracts,” says Simon Plant. “This is yet another example of how a struggling business sought expert help to turn its business around – and as a result can continue to trade today.”
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