Another household name looks like it might join the list of companies that have gone insolvent. Team Group who rescued Pickfords, the removals business, last year has reportedly brought in Deloitte, the accountancy firm, to advise on all possible options to stave off collapse of the removals firm. Pickfords has run into trouble in the wake of the housing-market collapse. However, according to the Sunday Times the business had a turnover of £83m in 2007 but operating losses of £7m. Given this loss was during 2007 when the property market was healthy it isn't really surprising that the business is in deep trouble now.
One option being considered is the "pre-pack" where the business is bought at the same time as going into administration releasing the new owners of the old companies liabilities. This has been controversial as many high profile businesses have chosen this route. Insolvency practitioners are mainly of the view that it is the best way to preserve jobs and pay secured creditors. Unsecured creditors do often find themselves very out of pocket and the speed and lack of consultation in the process does upset suppliers.
Interested parties will be required to sign a nondisclosure agreement (NDA) before further information is provided. Indicative offers are required by 5PM on Thursday 9 December 2021 together with proof of funding. Management presentations/discussions...
LEASEHOLD
Luxury Holiday Cottages and Barges business for Sale with turnover exceeding £500k with 50% net profits. Current portfolio of 12 Properties consisting of; 8 holiday cottages, Barn & farmhouse Annexe together with two converted Barges.
FREEHOLD
Well-established specialist insurance repair contractors working closely with insurance companies and major loss adjustors to provide reactive repair and refurbishment services to clients following incidents such as fires floods and subsidence to dom...
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