PracticeAccounting FirmsLeonard Curtis arranges sale of Installation Project Services

Leonard Curtis arranges sale of Installation Project Services

Joint administrators from Leonard Curtis sell Installation Project Services, preserving 29 jobs

ADMINISTRATORS from Leonard Curtis have sold rail communications and surveillance company Installation Project Services, preserving 29 jobs.

Neil Bennett and Alex Cadwallader, directors at Leonard Curtis, were appointed joint administrators after IPS was placed into administration at the end of August.

IPS, based near Croydon, employed 50 people and specialised in the design, installation and maintenance of passenger communications, information and display systems, electronic service update boards and CCTV cameras.

Following a challenging 24 months, during which IPS suffered considerable losses that impacted on the company’s reserves, in July 2014, the directors explored the option of selling the business in order to introduce new funding.

Although a number of interested parties were identified, the company had insufficient working capital to support the business during this process.

Cadwallader said: “The joint administrators took the decision to trade the business in administration in a limited capacity, while continuing to negotiate its sale as a going concern to Alan Dick Communications Limited, an interested party previously identified by the directors. We are pleased to confirm that the negotiations have been successful and that a sale has now been completed.”

Related Articles

Leonard Curtis Scottish office led by ex-KPMG senior manager

Accounting Firms Leonard Curtis Scottish office led by ex-KPMG senior manager

9m Accountancy Age editorial
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

10m Stephanie Wix, Writer
Leonard Curtis launches legal services division

Accounting Firms Leonard Curtis launches legal services division

1y Accountancy Age, Reporters
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
FRP Advisory sells Spectrum Contracting to Minstrell Recruitment

Accounting Firms FRP Advisory sells Spectrum Contracting to Minstrell Recruitment

12m Stephanie Wix, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer