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 offers first-class information security and mobile working solutions to some of the highest profile clients in the UK. Sectors served include central and local government, healthcare, legal services, education, engineering, and retail. Pr...
The company specialises in designing and constructing bespoke modular data centres projects, along with containerised data centres, as well as offering maintenance contracts, repairs, auxiliary sales including general product upgrades, data room clea...
The company specialises in the design, supply, and installation of M&E and refrigeration systems within retail, storage, warehousing, office, banking and other clients’ premises. In addition, the company offers refrigeration and air conditioning PPM...
29
|
Apr
|
WLR Law acquires media and sport law firm | BUSINESS SALE
Castle Donnington-based WLR Law has acquired specialist comm...
29
|
Apr
|
South Wales environmental firm undergoes MBO | MBO/MBI
South Wales-based SJ Environmental Limited has undergone a m...
29
|
Apr
|
Administrators bring Knutsford hotel to market | COMMERCIAL PROPERTY
The freehold of a hotel in Knutsford that fell into administ...
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.