Tue, 13 Aug 2024 | BUSINESS SALE
A vehicle recovery and repair firm based in Nottingham has been acquired in a pre-pack deal after falling into administration. Nottingham Breakdown Service Limited fell into administration on August 1, with the rescue deal completed upon the appointment of administrators from PKF Smith Cooper.
The company had been operating in the industry for more than 40 years, providing 24/7 breakdown recovery and garage services, including repairs and services, to customers across the UK. However, the business experienced issues as a result of rising costs amid high inflation, including rising fuel costs. This put pressure on the firm’s cash flow and working capital requirements.
These challenges led to the company’s directors engaging Dean Nelson, a partner in PKF Smith Cooper’s Business Recovery and Restructuring team, to manage an accelerated M&A process to try and secure a buyer for the company’s business and assets.
Following protracted negotiations, a pre-packaged sale of the company to an as yet unnamed buyer was completed on August 1, the same day that Dean Nelson and Nick Lee of PKF Smith Cooper were appointed as joint administrators.
The sale has secured all nine jobs, as well as the business, assets and the firm’s ongoing customer contracts, enabling the company to retain all of its current customers and continue to service its contracts.
Joint administrator and PKF Smith Cooper Business Recovery and Restructuring partner Dean Nelson commented: “I am thrilled that we have been able to save all of the remaining jobs and enabled the business to service its loyal customer base and ongoing contracts.”
“We always strive to achieve the best outcome for everyone involved, and it is great that we have managed to save the business and assets. Our attention now turns to the remaining assets of the company, to try and achieve the best possible outcome for creditors.”
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