Tue, 29 Sep 2020 | BUSINESS SALE
Safety and security systems firm Onwatch Multifire has been acquired in a pre-pack administration deal. OM Realisations 2020 Ltd, which trades as Onwatch Multifire, appointed FRP Advisory on September 7. On appointment, the joint administrators immediately sold the company’s two trading divisions, Onwatch and Multifire, with all employees transferred.
The security division was acquired by company directors Peter Gould and Chris Cunningham and will continue to trade under the Onwatch (UK) brand from its sites in Sunderland and East Sussex. Onwatch will continue to employ 38 staff.
Fire services division Multifire, meanwhile, was acquired by Churches Fire Security Ltd. This division will continue to operate from its UK-wide office network, with 20 staff members transferring.
Onwatch Managing Director Peter Gould said: "It has been a challenging six months but we are pleased to have completed our MBO. The retention of our security employees and longstanding customers to maintain a stable workplace and continue to provide a high-quality service was uppermost in our plans going forward."
FRP partner and joint administrator Tony Wright said: "These concurrent transactions provide a sustainable future and platform to grow for both Onwatch UK and the team at Multifire Maintenance Services – two businesses that provide critical services.”
"Even amidst the ongoing economic challenges and disruption, the deals show that quality businesses can still attract investment. We wish Onwatch all the best as an independent business, and Multifire Maintenance services as part of a major UK fire services group."
In its most recent available accounts, for the nine months ending December 31 2018, OM Realisations 2020 Ltd recorded total sales of £4.4 million, but registered a total loss for the period of £1.3 million. At the time, the company’s total assets were valued at close to £2.2 million.
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