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|SFP secures seven-day turnaround to secure 41 jobs|
|Wednesday, 16 November 2016|
The job security of 41 employees and the future of Weston Country House hotel, in Weston-on-the-Green, Oxfordshire, have been secured after SFP, the nationwide insolvency practitioners, conducted the sale of its operational business, Oxon Investments Ltd.
Prior to entering insolvency, Oxon Investments conducted a review of its financial position in early 2015, and the directors implemented strategic changes in order to meet previous liabilities. This strategy failed, however, and it entered into a Company Voluntary Allowance (CVA) in September 2015 – enabling it, and therefore the Hotel, to continue trading.
Initial CVA re-payments were maintained, but in mid-2016 faltered. Coupled with the added pressure of creditor debt accumulated post-CVA, Oxon Investments amounted total debts of £550,000 and appointed Joint Administrators Simon and Daniel Plant of SFP, both licensed members of the Insolvency Practitioners’ Association (IPA), on 14th October 2016.
SFP subsequently sanctioned agents to undertake a valuation of the business and successfully negotiated its sale, transferring all existing employees to the new owner via the TUPE process on 21st October 2016 – a seven-day turnaround.
“We were able to conduct a quick sale of the business, which was arranged within a week, ensuring the impact on both trading and employees was kept to a minimum,” Simon says.
“Small rural businesses are integral to local economies, and this is another prime example of a struggling business seeking expert help quickly and achieving the best possible result.”
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