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Administration helps business thrive and retains employment
Kingsbridge Corporate Solutions was introduced to the directors of an Industrial Services company by an advisor whose client had identified the opportunity integrate the company’s business with their own and bring in house part of their operation which had previously been outsourced.
The company was servicing historic debt obligations. Despite some cost cutting it was experiencing some cash flow difficulties and had re-scheduled payments to some of its creditors. The offer made for the Company’s business, whilst including a realistic element for goodwill would not enable the company to repay all of its liabilities. It was therefore agreed that the company’s directors would place the company into administration to ensure that the opportunity to realise value for the business would not be lost and enable the company’s debt to be dealt with. Sarah Burge was appointed the company’s administrator and its business was sold preserving employment. The business has since grown and is enjoying the opportunities and benefits of being part of a wider organisation.