Fri, 31 Mar 2023 | ADMINISTRATION
An industrial cleaning services firm based in West Yorkshire has been acquired out of administration in a pre-pack deal. Sean Williams and Leonard Curtis were appointed joint administrators of Wetherby-based Aquila Facilities Ltd on March 14, with the acquisition completing upon their appointment.
The company, an industrial cleaning specialist and supplier, had suffered from reduced turnover as a result of COVID-19 lockdowns and restrictions. Following the reopening of UK businesses post-lockdown, demand for labour increased, leading to the company experiencing staffing issues.
Cost issues ultimately led to some of the company’s contracts becoming loss-making. It was marketed for sale prior to the appointment of administrators, with the sale subsequently completing upon their appointment, minimising creditor claims and securing a total of 18 jobs.
Leonard Curtis’ head of the Yorkshire and North East region Sean Williams said: "This is an excellent result given the difficult circumstances the company faced. There was an imminent danger of the company running out of cash and ceasing to trade, which would have been a significantly worse result for stakeholders.”
"We worked with the company to ensure the company had sufficient working capital to meet critical payments - and a sale out of administration was possible, which importantly resulted in all jobs being retained."
In the company’s most recent accounts at Companies House, for the year ending August 31 2021, its fixed assets were valued at £18,336 and current assets at £681,716. However, at that time, the company owed close to £960,000 to creditors, with its net liabilities standing at £265,427.
Read about selling a struggling business prior to insolvency.
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