ADMINISTRATORS FROM FRP Advisory have sold six businesses in administration that have the same shareholders.
Geoff Rowley and Jason Baker (pictured), partners at FRP Advisory, were appointed administrators to Options Employment Southern, Options Employment Solutions, Sheridan Maine, Options Employment, Flame Employment and Flare Recruitment on 6 April.
There is no formal parent company for the six businesses though they share the same shareholders. Rowley and Baker managed to salvage 50 permanent and 1,300 temporary jobs through the sales.
Rowley said: “The companies had suffered a liquidity crisis: performance has remained relatively strong but financial difficulties had impacted cash flow. To protect the underlying value of the business, it was agreed with the directors that the best course was to enter the group into administration while continuing to trade each business, while buyers were sought in short order.
“We have been able to negotiate a successful sale of all parts of the group to local and national recruitment agencies both directly and indirectly, safeguarding more than 1,300 jobs.”
Sheridan Maine and Options Employment were sold to Network; Options Employment Solutions and Options Employment Southern were acquired by Spring Payroll; Recroot bought Flare Recruitment; and Solsbury Solutions acquired Flame Employment.
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