Wed, 14 Feb 2024 | BUSINESS SALE
A Sheffield-based supplier and manufacturer of duct air systems has been sold out of administration to a third-party buyer. Ventilation Centre Limited fell into administration last month, following more than 20 years of trading, after facing challenging market conditions over recent months.
Michael Chamberlain and Rehan Ahmed, Managing Directors at Quantuma, were appointed as joint administrators on January 31 2024 and subsequently secured a pre-pack sale of the business and its assets to fellow Sheffield-based firm South Yorkshire Ducting Supplies, in a deal that safeguards all jobs at the company.
Ventilation Centre was founded in 2002 and operated from its principal facility in Sheffield, with further satellite sites in Leeds and Stockport. The company provided a wide range of duct air system products, including ducting, grilles, fans and controls.
Commenting on the sale, Quantuma Managing Director and joint administrator Michael Chamberlain said: "The sale is a great outcome for the business. I'm delighted that all of the employees' jobs have been saved and the business has been protected by being sold to a third-party buyer, after a full marketing period, through an accelerated sale process.”
Following the accelerated pre-pack sale process that helped to secure Ventilation Centre’s future, Chamberlain praised the contributions of Parisi and Weatheralls for their legal and agent input on the transaction.
Ventilation Centre’s balance sheet as of June 29 2022 shows fixed assets valued at around £47,000 and current assets of approximately £1 million. At the time, the company’s net assets amounted to just over £437,000.
The company’s struggles came during a period of ongoing difficulty for businesses across the UK’s manufacturing sector, with operators across many subsectors of the industry having been hit by challenges including soaring costs for energy and raw materials, supply chain disruption and the legacy of debts racked up during the COVID-19 pandemic.
These headwinds have led to widespread insolvencies in the manufacturing industry, but also opened up distressed opportunities for companies seeking to grow through acquisitions
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