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.
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