‘Maximum value’ achieved with sale of three Feltham businesses
25 July 2012 11:56
Insolvency specialist Harrisons announced on Tuesday that they had successfully completed the sale of Feltham concrete businesses Master Concrete Ltd, Reimer Engineering Ltd and All County Concrete Ltd to concrete supplier Mastercrete Ltd for a total of £175,000.
The deal means that all three businesses – all based in Feltham, Greater London – will not have to shed any staff, with all employees being retained as part of the deal.
The businesses, which operated as a single company across a number of regions in the UK, were badly hit by the downturn in the construction industry, losing major clients and coming under pressure from steeply rising overheads. Harrisons were appointed liquidators on 10 July and the businesses and assets were sold shortly after.
Tony Murphy, Director at Harrisons and joint liquidator to the businesses, said of the sale: “Master Concrete, Reimer Engineering and All County Concrete were sold as a going concern and not via a pre-pack. This will maximise values achieved, provide better debtor recoveries and reduce liabilities, as well as save numerous jobs.
In this way, all three companies were able to trade right up until the liquidation to achieve an open and transparent sale.”