Chantrey Vellacott saves 40 SafeTIC jobs
Administrators sell technology company out of administration, saving 40 jobs
ADMINISTRATORS from Chantrey Vellacott have saved approximately 40 jobs at technology firm SafeTIC after selling it out of administration.
Specialising in biometric fingerprint technology, defibrillator technology and building security systems, SafeTIC had offices in London, Birmingham, Manchester and Edinburgh.
Joint-administrators Craig Povey and Kevin Murphy of Chantrey Vellacott DFK managed the sale of SafeTIC UK, part of the France-based SafeTIC Group. Stephen George of Squire Sanders was also involved in the deal.
SafeTIC encountered problems after accruing around £1 million of HMRC arrears in PAYE and VAT and was forced to file for administration in February.
The French firm Butler Capital Partners has purchased the company’s assets for an undisclosed sum, and will trade as Butler Safe Technologies Limited.
“The sale of the UK arm of the company to Butlers Capital Partners has saved 39 jobs across its London, Manchester and Edinburgh operations, along with field based staff,” said Povey, business recovery partner at Chantrey Vellacott’s Birmingham office.
“Under the control of new owners, the business renamed Butler Safe Technologies Ltd will focus on supplying defibrillators and biometrics access control throughout the UK.”