Tue, 11 Mar 2014 | ADMINISTRATION
Former director Michael Price-Darby has rescued car service business K&G Bodyshop Ltd out of administration.
The business, which provided classic car restoration, accident repairs and custom paint work, had been hit by cash flow issues before entering administration.
Administrators Kelly Burton and Lisa Hogg from Wilson Field in Leeds were brought in to the business on 28 February and completed the sale on the same day. The deal has successfully preserved all 17 staff, from technicians to administration, at the Staffordshire-based operation.
Mr Price-Darby purchased the business and assets under MPD Trading for an undisclosed amount.
The K&G garage name was created in the 1960s in Cannock by Ken Elwell and George Tabernor, and was previously the main Peugeot dealer for the area.
Ms Burton commented on the proceedings: “We reviewed the situation, assessed the ongoing contracts held by the company, its viability and sold it as a going concern.
“Despite the economy still affecting many businesses, it is an excellent result when we can give a company a future and save jobs.”
_____________________________________________________________________
Related information:
Business Recovery and Insolvency Advice
This is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
LEASEHOLD
This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
This business presents an enticing opportunity with established relationships with blue-chip organisations globally, a strong client retention rate, and the potential for relocation.
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.