CVR 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

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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource