PracticeAccounting FirmsCVR Global sells DMG Steelworkers out of administration in pre-pack deal

CVR Global sells DMG Steelworkers out of administration in pre-pack deal

Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global

CVR Global sells DMG Steelworkers out of administration in pre-pack deal

NORTH WEST manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global, saving 27 jobs.

The business and assets have been sold by CVR Global to Time DMG Steelworkers Limited in a pre-pack deal.

Administrators from CVR Global were called into DMG Steelworkers Limited earlier this month and Craig Povey and Richard Toone, partners at CVR Global, were appointed joint-administrators on 14 July.

The Wigan-based company operated as a fabricator and erector within the rail, construction, highways and utilities industries and was a specialist in bridges and contemporary steel buildings, incorporating products such as balustrades, railings and radio masts.

The company was launched in 1995 and employed 27 full-time staff.

Craig Povey, of CVR Global, said: “The company was clearly insolvent on a cash-flow basis and was under pressure from creditors including its landlord and HMRC.

“Despite the difficulties previously faced by the business, it has a strong reputation and good order book. The sale ensures the survival of the business, preserves 27 jobs, and the company is now well placed to move forward.”

Earlier this week, CVR Global was appointed as administrators for foreign language school Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre.

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