Partners from Deloitte have been appointed as administrators at Carter &
Nick Dargan, Dominic Wong and Chris Farrington will work with the management
team to try and turn the ailing company around.
Carter, which is paid by the government to run training courses, announced
yesterday that its lenders had refused to bankroll restructuring plans, leaving
it no viable way of meeting its cash needs.
Dargan said: ‘It is clear that the Carter & Carter group has a number of
tremendous businesses within its portfolio. However, it found it increasingly
difficult to sustain the significant level of debt carried following its
strategy of growth by acquisition.’
He added: ‘We are delighted with the co-operation given to our team by the
management and employees, the Learning and Skills Council and the group’s
existing lenders. That has provided a stable platform to allow us to review all
options available to secure the future survival of the group.’
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