Mon, 13 Jun 2011 | ADMINISTRATION
Administrators have sold off as much of the stricken social housing contractor Kinetics as possible, in a bid to maintain work levels and keep redundancies to a minimum.
Graham Wild, Kevin Coates and Anne O’Keefe of Zolfo Cooper have announced that they have sold on a part of the company to SCP Renewable Energy, in the wake of the news of the administration. The sale included the business and some assets of gas installation subsidiary Seaflame.
Sureway Gas, Walmotts and TA Horn will continue to trade under the brand as Kinetics North, Kinetics Midlands and Kinetics South under SCP's ownership. Despite the move to preserve the businesses, the administrators still had to make 273 staff redundant.
Mr Wild said that their work so far to sell on parts of the business had been encouraging, "While we are pleased to have achieved a sale of part of the Group, and secured the majority of the jobs at stake, we were regrettably left with no choice but to make some employees redundant," he said. "We are currently working with several parties to attempt to preserve the employment of the remaining workforce wherever possible."
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