Just heard a story about a due diligence exercise carried out by an accountancy firm that saved its client money! It was an acquisition situation, and the acquiring party wanted to look at the credit risk within the top 20% of the potential acquisition’s sales ledger. Lo and behold, 87% of this bunch of customers were rated above normal or high risk on Graydon’s database. Negotiations continued afterwards of course with the acquirer duly concerned about the degree of risk within the trade debtor asset. It turns out that the acquirer appears to be going ahead- not only have they got the price down for the purchase of the company, but it sounds like the new owners may have some ideas about how they can improve credit assessment there!
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children