Sat, 14 Jun 2014 | BUSINESS SALE
An insolvent Harlow-based electrical wholesaler has been successfully sold out of administration.
KR Electrical Wholesale Limited appointed insolvency practitioners SFP as administrators on 2 June 2014 after the company amassed substantial debts to a number of creditors. This week it was reported that SFP’s Simon Plant and Daniel Plan had secured a sale of the business and assets as a going concern to an unnamed third party, preserving all five jobs in the process.
The company was established in 1996 and turned over around £700,000 last year. It had traded with cash flow challenges and after a poor trading period in Spring 2014, it had to credit various cancelled jobs and stock returns.
Eventually a lack of income and inability to raise additional capital meant the business had no alternative but to seek liquidation in May. One of the company’s debenture holders was made aware of the position and sought to place KR Electrical Wholesale into administration in order to protect the business and give an opportunity to restructure the company.
As Simon Plant commented: “KR Electrical Wholesale Limited has suffered from a lack of cash flow, the lifeblood of any business. Once it started to experience a lack of cash running through its business, debts began to weigh more heavily and without any fresh injection of cash it was placed into administration.
“We have subsequently completed the sale of the business and assets as a going concern to a third party preserving all five jobs in the process.”
______________________________________________________________________
Related information:
Businesses for sale
Business acquisition funding
Represents an opportunity for a hospitality acquirer seeking a restaurant with additional takeaway in Harrow.
LEASEHOLD
Wedding venue business with accommodation and large restaurant for sale in Cambridgeshire. With a capacity for up to 110 wedding guests, the16th Century traditional building boasts original features, open fireplaces, exposed beams and elegant interio...
LEASEHOLD
Restaurant for sale in Hartley Wintney, Hampshire. Offering a 3-bed flat, a large car park, and a detached property.
LEASEHOLD
10
|
Jan
|
Your.Cloud eyes up future M&A after buying IT group HDUK | BUSINESS SALE
A Dutch Managed Service Provider (MSP) acquirer Your.Cloud h...
10
|
Jan
|
Dental Beauty all smiles as it hits fifty-practice mark | BUSINESS SALE
Dental Beauty Partners has hit a fifty-practice milestone af...
09
|
Jan
|
Spandex reflects on Lakeside Group acquisition | BUSINESS SALE
Bristol-based Spandex, which creates innovative solutions fo...
21
|
Jul
|
Construction staffing firm sold out of administration | BUSINESS SALE
Construction services and staffing firm Adeo Construction Se...
19
|
Jan
|
Injection moulding business sold out of administration to employees | BUSINESS SALE
Conwy-based injection moulding company A2B Plastics Limited ...
08
|
Apr
|
Telephone fundraising platform enters voluntary administration | ADMINISTRATION
A telephone fundraising agency has gone into voluntary admin...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.