Tue, 02 Apr 2024 | BUSINESS SALE
A display cabinet retailer headquartered in the West Midlands has been rescued after being acquired out of administration. Display Cabinets UK Limited, which is based at the Dudley Central Trading Estate, fell into administration last month.
Currie Young director Steven John Currie was appointed as the administrator of the company on March 18 and subsequently secured a sale of the business and certain of its assets to D C Midlands Limited on March 20.
The buyer, which was incorporated in December 2023, is a connected party of the company by virtue of a shared director. The acquisition has ensured that six jobs at Display Cabinets UK Limited have been saved.
Following the sale, Justin Brown, of Currie Young’s West Midlands office, commented: "This course of action had a number of benefits for stakeholders, including a greater level of realisation in respect of the company assets, the preservation of jobs and continuity for customers.”
"In total, six jobs were saved as a result of the employees transferring to D C Midlands Limited, which significantly reduces both preferential and unsecured creditor claims in the matter."
Display Cabinets UK Limited’s most recent accounts at Companies House cover the period ending March 31 2020, with the site listing an active proposal to strike the company off.
At the time of its most recent accounts, the company’s current assets were valued at slightly over £164,000 and fixed assets at more than £41,000. At that time, however, its total assets less liabilities amounted to slightly over £20,000.
Click here to download our free guide on finding and buying distressed businesses and assets
New regulations surrounding pre-pack sales to connected parties came into effect in 2021 - Click here to find out more about the impact of the rules
The business was established in the 2010s, quickly outgrowing its original premises and moving into its current, larger workshop. The previous owner started the business in the South East of England 60 years ago from humble premises, gaining loyal cu...
An extremely well established business operating from a number of leased and owned premises located in excellent high streets in a number of fantastic trading positions with unprecedented footfall.
LEASEHOLD
Here is an excellent opportunity to acquire an extremely profitable, well-established top-end butcher. The butchers are located in a popular seaside resort. The shop is busy throughout the year, with very few seasonal variations.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.