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.”