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Jennison Insolvency Press Releases

August 10 - Simon Thomas and Fred Satow of Jennison Insolvency appointed as Joint Administrators of In “n” Out Services Limited

 

Insolvency Practitioners, Simon Thomas and Fred Satow of Jennison Insolvency in Leeds were appointed Joint Administrators of In “n” Out Services Limited (“INO”) on 12 August 2010 by the directors of the company. In “n” Out Properties Limited, a wholly owned subsidiary of INO was also placed into Administration.

 

Incorporated in October 2004, INO is a provider of car maintenance and MOT testing services for the UK market. The Company has had cashflow difficulties as a result of its failure to raise additional funding from investors.

 The company has 15 leasehold sites in the UK and has been trading for 4 years.

 The joint administrators,continue to trade the company whilst marketing the business for sale as a going concern. Please contact us if you are interested in receiving further information about this business.

 

July 10 - Jennison Insolvency appointed over Motorcycle dealership

Simon Thomas and Fred Satow, Insolvency practitioners at Jennisons Coporate Recovery were appointed joint administrators of the Company in July 2010 by a qualifying floating charge holder.

The Company was a well established KTM & now Husqvarna motorcycle dealer based in London. The company sold parts and accessories for KTM & Husqvarna motorcycles and was one of the best KTM dealers in the UK with turnover is in excess of £1.3m.

The trading site is now closed for business and our principle duty is to pursue any remaining realisations for the benefit of the creditors.

Jennisons Insolvency Practitioners, based in Leeds is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

June 10 - Jennison chosen to act by creditors in European Colour (Pigments) Limited liquidation

Insolvency practitioners, Simon Thomas and Fred Satow were appointed joint liquidators of the Company in June 2010 following administration which was undertaken by another insolvency practice.

Creditors of European Colour specifically chose our insolvency practitioners to act as Liquidators at a meeting of creditors in May 2010 to resolve outstanding matters, bring a swift conclusion to the insolvency process and issue a final dividend to the unsecured creditors.

European Colour was a pigment manufacturing company located in Stockport and south-east London with annual turnover is excess of £15m.

May 10 - Jennison Insolvency saves IT helpdesk business

Jennison Insolvency Practitioners, Simon Thomas and Fred Satow were appointed joint administrators to Cyntergy Services Limited on 28 May 2010 at the request of the directors.

Cyntergy Services Limited is a leading supplier of retail IT helpdesk support. The company has 90 employees based at its offices in Sunbury on Thames.

Cyntergy Services Limited was subject to a management buy-out from Clarity PLC in May 2008.

The downturn in the economy in 2008 saw the business experience a considerable drop in training turnover  and in the first quarter of 2009 the Company suffered a loss .

Following the losses suffered , the Company undertook a cost saving exercise resulting in  savings of 20%. It also entered a payment plan with a major creditor, HM Revenue and Customs (‘HMRC’), in order to repay a debt of more than £260,000.

In the 11 months ending 28 February 2010 the Company suffered a further  trading loss  and neither investors, directors or the parent company were able to invest  funds.

After several weeks of marketing and negotiation with interested parties, agreement was reached with Clarity PLC and immediately following the appointment of Simon Thomas and Fred Satow as joint administrators, a sale of the business was effected to a Clarity subsidiary.

Simon Thomas said “We are very pleased to have secured a sale of the business and continuation of employment for the significant number of employees.  As a former owner of the business and major customer Clarity has a detailed knowledge of what is required to take things forward.  Our options were restricted by a number of factors, including the small market the business operated in, all of which makes this sale a great success.”

April 10 - UK garage door manufacturer is sold by Jennison Insolvency

Following the appointment of Leeds Insolvency Practitioner's, Simon Thomas and Fred Satow on 25 March 2010, the joint administrators, having successfully traded the business for a three week period, before splitting up the business into four main parts:

• Gliderol Garage Doors has purchased the assets at the Scunthorpe site.
• Hobbs Industries Ltd has purchased some of the Bowburn and Luton site including taking over all warranty obligations for a two year period for the ABS, Steel-line and Steel products.
• Qualidex Ltd has purchased the Wessex assets and it's related company, Sentrix Ltd will take over the warranty for a two year period on all GRP doors.
• Woodrite Doors Ltd has purchased the Brackley assets and will take over the warranty liability for a two year period on all timber related products.

Simon Thomas, Insolvency Practitioner as Jennison's commented on the various sales:

"We believe that these sales will save a number of jobs that would have otherwise been lost. It has also been our focus to provide customers with warranty support going forward which will increase realisations for creditors."

For further information on this administration or for general advice, please contact Dianne Turner in our Jennison Leeds office.

 

March 10 - UK garage door manufacturer enters into administration

Simon Thomas and Fred Satow were appointed joint administrators to BRP Group Limited on 25 March 2010 at the request of the directors.

BRP Group Limited is a leading manufacturer of garage doors for the house building industry. It has operations in Bowburn, County Durham, Scunthorpe, Daventry, Brackley, Northamptonshire, Milton Keynes and Verwood, Dorset.

The company has some 360 employees spread across the country.

BRP Group Limited purchased the business from the Cardale Group in August 2009 and since then Nick Sibley, its principal shareholder has invested more than £3m to develop the business.

Unfortunately the company has been unable to achieve sufficient sales in the current economy.

Simon Thomas said " BRP Group is one of the leading garage door manufacturers in the UK with a modern, computer - controlled production facility in Bowburn. We have already received a number of expressions of interest from likely buyers and are hopeful of achieving a speedy going concern sale. Please could interested parties contact us as soon as possible.

Whilst we have regretably has to make a number of redundancies on our appointment, we are hopeful of achieving a going concern sale and preserving the remaining jobs. It is possible that any purchaser of the business may wish to re-employ staff we have had to release in the short-term"

Please contact Simon Thomas or Arron Kendall for further information.

March 10 - Jack Holt saved from closure

Simon Thomas and Fred Satow, Insolvency Practitioners and joint administrators to Jack Holt Ltd (“Holt”) are pleased to announce that following an intensive three week marketing period they have successfully completed a sale of the business and assets to Holt Marine Ltd.

The sale is on a going concern basis saving a number of jobs and will allow the well established Holt brand to build on their historic success and flourish once again.

Simon Thomas, Insolvency Practitioner from Leeds commented on the sale:

“There has been a large amount of interest in acquiring the business, with a number of competitive offers made. We are pleased with the outcome as it was the offer which represented the best outcome for the creditors of Jack Holt Ltd”

A spokesman for Holt Marine commented on the purchase:

“We are pleased to have purchased the business and continue trading under the Holt brand. It is important for us to move the new business forward by building strong relationships with both customers and suppliers”.

February 2010

The Holt company – originally set up by Jack Holt and Beecher Moore in 1945 - has gone into administration following Insolvency advice provided by Jennisons.

From making Merlin Rockets and Cadets, the pair branched out into producing fittings with Glen and Tony Allen, forming Holt-Allen in the 1950s.

The company reigned supreme in dinghy fittings for many years, but a recent move by Beecher Moore’s son, Chadwick, to manufacture fittings in Brazil sparked a split with the Allen family.

The company entered into administration on February 23, 2010, with Simon Thomas and Fred Satow of  appointed as Joint Administrators.

‘The company’s having cashflow problems,’ said a spokesman. ‘Essentially we’ve put it into administration and we’re trading it on a normal basis, so all customers are receiving goods as per normal and we’re looking to find a purchaser in the next four or five days to turn it around quickly.’

Jennison are leading Insolvency Practitioners specialising in providing insolvency advice to companies experiencing financial difficulties. 

© 2010 Jennison Insolvency is a trading name of Moorfields Corporate Recovery LLP.
Tel: 0800 107 8788. Fax: 0800 107 8788 | Registered in England. Company Number OC334837
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