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Richburns Ltd sold by Leonard Curtis Business Solutions Group to Essendon Capital PDF Print E-mail
Wednesday, 28 June 2017
Andrew Duncan and Neil Bennett, Directors at Leonard Curtis Business Solutions Group, were appointed Joint Administrators to Richburns Ltd on 23 June 2017. The business was sold immediately in a prepack deal following an accelerated M&A process to Essendon Capital, which recognised ongoing potential in the business and decided to back the incumbent management team in the process.

Established nearly 20 years ago, Richburns is an industry leader in both debt recovery and metering services for the utilities market. It has built a reputation on working with integrity and transparency.

The company is based in Barking, Essex, and has contracts with three leading gas and electricity suppliers for debt collection, including pre-disconnection visits and warrant executions. The deal preserves more than 45 jobs and those of more than 70 independent field agents.

Richburns manages the whole debt collection process for its clients, taking away much stress and ensuring a solution is achieved. In addition to debt recovery services, the company is also an expert in the field of metering. It assists and advises many leading electric and gas companies on issues with their metering services, including gas and electricity safety inspections and the tracing of gas and electricity supplies.

Essendon Capital provides a tailored approach to solving business challenges in the SME marketplace, offering diverse advisory, investment and financial restructuring services. It has built a reputation for quickly putting funding in place when and where it is needed.

“As entrepreneurs and using our own funds – we have a vested interest in the businesses we back,” said Matt Evans, CEO at Essendon Capital. “We immediately recognised the potential in Richburns and felt we could work with the management team, so we were prepared to work within the tight timescale available to make this deal happen.”

Andrew Duncan, Director at Leonard Curtis Business Solutions Group and one of the Joint Administrators, said: “Essendon Capital’s confidence in Richburns as an ongoing business and our ability to all work efficiently together as a team to make this deal happen means it has gone through with the minimum of disruption for Richburn’s customers. This is also a great outcome for the company’s staff, who have seen their jobs preserved and for the Richburn’s management team too. We wish them all every success.”
 
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