Mon, 31 Jan 2011 | BUSINESS SALE
A refurbishment and maintenance company based in the West Midlands has fallen into administration following public sector cuts.
Image Styles, which specialises in general construction work, insulation, painting and decorating, plastering, refurbishment and roof screeding, lost contracts with local councils following the spending cuts and public sector job losses.
The firm began trading in 1982 and had three subsidiary companies, which employed more than 70 staff across the board. Image Styles Decorating was forced to make 34 staff redundant, whilst Image Styles Property Services made nine redundancies and Image Styles Insulations lost 28 staff.
RSM Tenon has been called in as administrators and is seeking a buyer for the company, which is still operating with a skeleton staff.
RSM Tenon's Bev Marsh said, “We are also looking for interested parties who would be able to take over the business and assets of the group.
“This is a well known company with a good reputation, a family-owned business which has being operating for many years. It is very unfortunate, but Image Styles has been a victim of the times,” she added.
Ms Marsh went on to say that RSM Tenon was currently 'working with interested parties of Image Styles Decorating' and it was hoped that the firm would be able to 'continue in some form.'
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.
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