Fri, 28 Sep 2012 | ADMINISTRATION
Administrators have been appointed to the HI Group and eight of its subsidiaries as the family business hit hard times.
More than 100 employees have been made redundant at the company, which primarily imports and distributes consumer goods to the retail market.
The business was incorporated more than 35 years ago and has an additional two divisions working on national home delivery and servicing. Its eight subsidiaries include Crown Corporation UK, Fridgemaster Corporation, Frigidaire Consolidated, Hardman Isherwood and Whitwood Warehouse.
Sam Woodward, John Sumpton and Tom Jack of Ernst & Young have been appointed as joint administrators of the firm.
Administrator Mr Woodward told Insider Media: “In recent years the group has suffered from challenging market conditions which has seriously impacted the Group’s white goods business. As a result turnover has declined resulting in severe cash flow difficulties.
"We are pleased to report that we have today completed a sale of Hi-Way Express Home Delivery business to Pacifica Group, an electrical repair, warranty and servicing company based in the North East. This sale has preserved the jobs of 57 people and ensures continuity."
A total of 109 redundancies have been made but the administrators are still looking for offers for the remaining parts of the group.
The company provides high-quality residential and nursing care for the elderly, combining best-practice healthcare procedures with tailored care plans. Throughout its time in operation, the company has developed an excellent reputation for providing...
FREEHOLD
The company has created an innovative and intuitive online learning platform, featuring a diverse range of subjects, such as academic physical education, which is mainly purchased by UK-based secondary schools and overseas British-curriculum schools....
The company provides specialist removal and disposal services of asbestos from a diverse range of buildings across North East England and the Scottish Borders. The business has worked closely with local authorities, NHS trusts, and clients across num...
11
|
Feb
|
UK administrations update: February 4 – 11 | ADMINISTRATION
Since our last update, the following businesses have been co...
10
|
Feb
|
WBR Actuarial formed out of WBR and Censeo acquisition | BUSINESS SALE
WBR Group, the UK's largest independent provider of SSA...
10
|
Feb
|
US group Litera seals Peppermint Technology deal | BUSINESS SALE
Cloud software provider Peppermint Technology has been bough...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.