Thu, 17 Feb 2011 | ADMINISTRATION
Aberdeenshire-based prefabricated temporary bathroom specialist, R.B. Farquhar (Hires) has been rescued from administration as a going concern by site cabin and storage firm, the Elliott Group.
The hire arm of the company, which first entered administration in November last year, was arranged by administrators KPMG, who have also said that they also have a "nominated" preferred bidder for the storage arm of the business.
R.B. Farquhar (Hires), which is based in Huntly, provides temporary toilet facilities and accommodation including offices, classrooms, canteens and secure storage. It generates a turnover of £7 million and runs five depots, with 3,920 modular buildings and cabins. The deal secures 72 jobs.
The Elliot Group, which is based in Peterborough, is part of the international Algeco Scotsman Group - the UK's leading provider of rental accommodation facilities.
R.B. Farquhar, which had been founded as a family business in 1947, attributed their slide into administration to falling demand from the recession-hit construction industry. At the time of their administration thy owed £10 million to trade and bank creditors.
KPMB Administrator, Blair Nimmo, said the potential for the company to be sold off as a going concern had been strong from the beginning.
"Our experience in this field helped identify potential bidders and, with 32 companies expressing an interest, we were confident of finding a new buyer," he said. Last month we appointed Elliott Group as preferred bidders and we are pleased now to have concluded the sale."
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