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.
View recent administrations.
Mechanical & engineering contractor providing installation maintenance repair & relocation for heavy plant & machinery in the raw materials manufacturing recycling & energy industries.
Third-party logistics courier to Amazon utilising a trusted network of self-employed drivers across 12 Amazon fulfilment centres throughout the UK. Primarily working with major online retailers the company fulfils thousands of customer orders per wee...
Removes & disposes of asbestos from a variety of buildings including large corporate & residential properties. Also carries out asbestos surveying sampling waste management industrial cleaning & demolition.
05
|
Jun
|
Plant-based meat maker seeking buyer after entering administration | ADMINISTRATION
Administrators are seeking a buyer for Plant & Bean, a manuf...
05
|
Jun
|
Cloud services firm acquired in £4m deal with up to £7m earnout | BUSINESS SALE
The holding company behind an Oxford-based cloud services fi...
02
|
Jun
|
HVAC manufacturer planning domestic and international M&A growth | BUSINESS SALE
The Carver Group, an international developer, manufacturer a...
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.