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JennyElectrical Manufacturing, East Midlands
Our business had reported lower than anticipated sales over a six-month period and had also suffered two quality failures which resulted in corrective work being undertaken to the expense of the company. As a result of this, the company was under increasing pressure from creditors with some taking legal action. We contacted UK Administrators who assessed the situation and placed the company into administration with the administrators trading the business. We had significant orders already placed and the administrators had obtained the support of the secured creditor and main customers to continue trading out of administration. This was a relief as we have 30 members of staff who were all retained with no redundancies. The administrators traded the business for 9 months during which time it returned to profitability. The whole process was a huge relief for us.
AdamProperty Consultants, Leeds
We lost a major contract in the summer of 2019 which saw a key provider of remortgage work reducing its panel of legal firms and withdrawing its current instructions of about 3,500 referrals. We had a strong and viable business but this caused some short-term distress and we fell into an insolvent position due to cash flow problems. We contacted UK Administrators after a recommendation from our accountant and they were successful in pre-packing the sale of our consultancy to another firm preserving all employee jobs and ensuring that the interests of the firm’s clients were looked after on an ongoing basis. They really made a nightmare situation much easier for us and helped to explain everything along the way, keeping us in the loop and dealing with all creditors which was a weight off our shoulders. Big thanks to Shaun and the team.