Wed, 24 Oct 2012 | BUSINESS SALE
A pre-pack administration has seen Piccadilly AV saved from collapse after Universal AV Services stepped in to buy the business.
Reports from the Birmingham Post revealed that the audio visual company had been trading with bad debts and struggling with cash flow and staffing costs.
The situation was such that the ten-year-old company had been threatened with liquidation by HM Revenue & Customs (HMRC) before insolvency experts Bridge Newlands were called in.
Bridge Newland managed to find a buyer for the firm within two weeks, meaning that creditors will be paid more than they otherwise would have received and the staff at Piccadilly AV will be able to avoid redundancy.
Ben Robson, managing director explained that the business sale had been a “seamless process” which allowed for pay, working conditions and goodwill to be maintained during the handover.
He added: “The new owner, Universal AV Services, now trading as Piccadilly Live, was one of Piccadilly's competitors and has branches in other parts of the UK.
“This acquisition gives them new customers in a previously untapped area. As a large company it has better cash flow, is more effectively run and can benefit from greater economies of scale which were not available to the previous owners.”
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