KPMG, called in as administrators of Erinaceous last week, has struck a number of deals to sell three of the firm's key subsidiaries – Erinaceous Insurance Services, the group's residential management division and its property maintenance arm - to a consortium of Erinaceous's banks.
The deals helped to preserve the jobs of about 1800 employees and hundreds more jobs were being saved as KPMG made another 15 deals across the group, The Press Association reports.
These transactions, included the sale of seven separate businesses within the building consultancy division back to management, transferring 322 employees. Overall, 155 employees across the division were made redundant.
Jim Tucker, KPMG joint administrator, said the administrators would now focus on realising the remaining assets of the group such as interests in Erinaceous Ireland and Fairoaks Airport, which were not subject to insolvency proceedings.
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