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
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.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourcePredictions of 800,000 UK insolvencies requires “sense-checking” says RSM, but leading insolvency body say it depends on the length of the crisis Read...
View articleThe NAO report revealed that Carillion's insolvency will cost the taxpayer £148m while PwC will net £50m, a figure that has been questioned by MPs Rac...
View articleInsolvency professionals Ian Defty and James Dowers have been appointed partners following the merger with the London-based insolvency firm Read More...
View articlePartners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February Read More...
View articleKevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command Read More...
View articleLeonard Curtis Business Solutions Group has opened a new office in Glasgow – the first Scottish office for the professional services provider Read Mor...
View articleIn our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competiti...
View articleAIM-listed Bond International Software has had Kingston Smith and Partners appointed as liquidators. Read More...
View article