On Friday the company’s administrator, KPMG, said the business would be wound down because none of several bids made had reflected the value and assets of the company.
But today Richard Hill, KPMG corporate recovery partner and joint administrative receiver, said: ‘Following a revised offer and further negotiations, we are now more optimistic about selling the business as a going concern. We will now be doing everything we can over the next few days to bring a deal to a successful conclusion.’
The Glastonbury company’s 119 staff now face an anxious wait to find out if the late bid will be enough to save them from redundancy.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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