INSOLVENCY specialists Quantuma and FRP Advisory have this week made separate sales of businesses in administration.
Administrators from Quantuma, the firm formed by ex-RSM Tenon insolvency chief Carl Jackson in 2013, have sold Bay Point Club, the Kent-based sports and social club that entered into administration on 4 June.
Garry Lock and Ian Cadlock, appointed as joint administrators after the club had experienced a sustained period of loss-making trading, agreed terms with Prince Leisure Group on 6 July. Following a period of due diligence, the sale was completed on 14 August
Princes Leisure Group own the local Princes Golf Club, based in Sandwich, which hosted The Open Championship in 1932.
The sale means all employees will transfer to the purchaser. However, the directors have chosen to pursue other interests.
Lock said: “The extent of the trading losses leading up to the appointment meant that continuing the business carried significant financial risks. However, the risks were worth taking as the buyer brings significant resources with which to relaunch the club and maximise revenue from its facilities.”
In a separate deal, 70 jobs at a Borders livestock auction business have been saved after it was sold by the joint administrators, Russell Cash and Ben Woolrych, partners with FRP Advisory.
C & D Auction Marts – alongside one of Scotland’s oldest auction firms, Thomson, Roddick & Laurie – have bought the business of Cumberland and Dumfriesshire Farmers Marts. The deal, which has been completed for an undisclosed sum, sees the trading business and certain assets of C&D transfer to auction businesses backed by the Thomson family – which started auctioneering as far back as 1880.
The sale secures the jobs of all 70 full- and part-time staff associated with the business. All consignors of livestock in recent days will be paid in full under the terms of the deal that has been agreed.
Commenting on the transaction, Cash said: “The deal is a great result for the farming communities in the Borders as it preserves a fully resourced local livestock auctioneering business and secures a large number of rural jobs.”
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