Mon, 26 Jun 2017 | ADMINISTRATION
A commercial vehicle-recovery business based near Heathrow airport in the west of London has been rescued out of administration by an undisclosed buyer.
J&A Recovery Ltd, which has an annual turnover of around £600,000, went into administration on 9 June with the appointment of Sean Bucknall and Andrew Watling from corporate recovery specialist Quantuma. The company's directors initially hoped to go into company voluntary administration, but were unable to find enough support. The administrators were able to sell the business within 24 hours, safeguarding 4 jobs in the process.
One of the administrators, Bucknall, said "J&A Recovery had cashflow problems but was a fundamentally good business which was capable of being rescued".
Watling added: "A going concern sale was considered essential in order to maximise the potential disposal value of the business.
"This enabled a seamless transfer of the trade, assets and employees to a new company, J&A Rescue & Recovery Limited Ltd, within 24 hours of the appointment of administrators. This is a great result for all concerned."
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