Wed, 24 Oct 2012 | BUSINESS SALE
A pre-pack administration has seen Piccadilly AV saved from collapse after Universal AV Services stepped in to buy the business.
Reports from the Birmingham Post revealed that the audio visual company had been trading with bad debts and struggling with cash flow and staffing costs.
The situation was such that the ten-year-old company had been threatened with liquidation by HM Revenue & Customs (HMRC) before insolvency experts Bridge Newlands were called in.
Bridge Newland managed to find a buyer for the firm within two weeks, meaning that creditors will be paid more than they otherwise would have received and the staff at Piccadilly AV will be able to avoid redundancy.
Ben Robson, managing director explained that the business sale had been a “seamless process” which allowed for pay, working conditions and goodwill to be maintained during the handover.
He added: “The new owner, Universal AV Services, now trading as Piccadilly Live, was one of Piccadilly's competitors and has branches in other parts of the UK.
“This acquisition gives them new customers in a previously untapped area. As a large company it has better cash flow, is more effectively run and can benefit from greater economies of scale which were not available to the previous owners.”
Project Uranium designs and provides a high performing range of single-glazed and double-glazed partitioning systems. To further enhance this portfolio, the company has designed and laboratory-tested a fire-rated range, alongside a variety of acousti...
The company is a retailer of high-end costume jewellery operating out of a premium-located London store, with its growing online presence enabling it to attract interest from customers worldwide. Revenue is predominantly generated in-store, with the...
The business’s services encompass manned guarding, CCTV monitoring, vehicle patrol, key holding, event security, and door supervision, all delivered by highly qualified security personnel. The company offer a range of specialised security solutions,...
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.