Begbies Traynor is extremely ‘hopeful’ that the jobs of 825 workers at Tesco
supplier Maintenance One will be saved after the company went into
Vivian Bairstow, Begbies partner and administrator at M1, said that no
redundancies were planned at the company and he was confident that a buyer for
the business could be found in the next few weeks.
‘We are extremely hopeful that we can save all the jobs of the workforce and
rescue this very good business, which plays an important part in the smooth
running of Tesco’s UK store portfolio,’ said Bairstow.
He praised Tesco for helping Begbies fund the administration, adding,
however, that the supermarket giant had been a ‘tough negotiator’ with M1 in the
past – which only has Tesco as a client.
Bairstow said the main reason behind M1’s cashflow problems were associated
businesses in which the company held shares, into which M1 had piled funds.
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