PWC’s Karen Dukes and Colin Haig have been appointed joint administrators of
mechanical maintenance business Independent Building Solutions, and have moved
quickly to secure the sale of the company to support services group OCS.
The sale of Croydon-based IBS, which has a turnover of £7.5m, has saved the
jobs of its 75 employees.
A ‘highly competitive market’ hit margins and led the company to the position
where it was no longer able to service its creditor obligations.
Company directors concluded that the company could not continue to trade
without a partner, or through restructuring.
Dukes said: ‘Following a review of the business, it became clear that trading
could not continue in the short term and there was considerable risk in a
failure for employees, creditors and customers alike. I am delighted that we
have been able to secure a sale of the business, preserving 75 jobs and
providing continuity of service to IBS’s customers.’
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