DEALS & MERGERS IN BRIEF
Engineering jobs saved by PKF Cooper Parry
(L-R): David Barker, Director at Relevant Business Solutions, and Chris Foster of SRS
Relevant Business Solutions lends expertise
East Midlands-based consultancy Relevant Business Solutions has assisted a local civil engineering supply company to attain two crucial certifications. Specialist Rebar Supplies
(SRS) manufactures products for the reinforced concrete industry. However, with many customers requiring vendors to hold Certification Authority for Reinforcing Steels (CARES) certification as an assurance of quality, the company believed it was potentially missing out on opportunities without this key endorsement and approached Relevant Business Solutions for assistance. David Barker, Relevant
Business Solutions Director, said: “I was excited when SRS asked for assistance as I am very familiar with the requirements of ISO 9001, having implemented and maintained compliant systems in a number of organisations. “SRS now not only has
opportunities to tender for a wider range of clients, but having a management system which puts the customer firmly at the centre will enable it to retain and grow new business prospects.”
Derby College parter with SafeGuard Clothing
SafeGuard Clothing, a body armour and safety equipment brand, has donated a bullet-proof vest to Derby College to enable public services students at Broomfield Hall in Morley to gain a better understanding of the working mechanics behind the innovative body armour’s design and structure. Derby College Team Manager
Nick Ramsden said: “Such partnerships are greatly beneficial to the learning experiences of our students as well as providing access to an industry leader's expertise and technology advancement. “The use of SafeGuard's bullet-
proof vest in our public service programme will allow lecturers to demonstrate the working mechanics behind staying safe in the line of work that involves daily risks.”
12 business network February 2017
Eighty-four jobs at a North West Leicestershire engineering business have been saved by PKF Cooper Parry’s Restructuring team.
Midland Metal Product went into
administration on 8 November, immediately following which the whole of its business and assets were sold to Midland Metal Fabrications, helping to secure the futures of 84 employees. The company’s difficulties
stemmed from falling orders and difficulties in recruiting the right skills to meet customer demands. The company entered a Company Voluntary Arrangement (CVA) with a view to repaying a substantial portion of its liabilities out of profits anticipated to be generated over the next five years.
‘It gives me a great sense of satisfaction to know that we have made a positive impact on the lives of its 84 employees’
The loss potentially spelled the
end for the business and the management concluded it had little alternative but to try to realise its business via a trade sale. Consequently, PKF Cooper Parry’s restructuring team was engaged to
Unfortunately, shortly after the securing of the CVA, one of the company’s key customers announced it was to source its requirements elsewhere.
conduct an ‘accelerated merger and acquisition’ marketing exercise, which resulted in meaningful trade interest being shown in the business. However, it became clear that the
company’s liabilities would frustrate any share sale, and that the only way to maximise recoveries for creditors would be to realise substantially the whole of its business and assets through a ‘Pre- packaged’ administration sale to a third party. Tyrone Courtman, Joint
Administrator, said: “I wish the buyer and the business’ employees every success for the future. It gives me a great sense of satisfaction to know that we have made a positive impact on the lives of its 84 employees and in preserving their engineering skills here in the Midlands.”
L-R: Tyrone Courtman, Partner in the restructuring team at PKF Cooper Parry, Kayvan Namazi of Midland Metal Fabrications and Jonathan Davis, Senior Manager in the restructuring team at PKF Cooper Parry
Nelsons joins Almshouse panel
Nottingham-based law firm Nelsons Solicitors has been appointed as the first legal firm from the East Midlands to the panel of the Almshouse Association. The Almshouse Association is a support charity representing 1,700 independent almshouse charities throughout the UK, providing homes for more than 35,000 people. It has a panel of approved consultants which it turns to for advice, including architects, accountants and solicitors. Nelsons, which has offices in Nottingham, Leicester and Derby, joins 14
other law firms on the panel but is the only law firm from the East Midlands to have been appointed to date. Partner and Solicitor at Nelsons, Richard Grosberg, specialises in work
with almshouses and said this appointment was a real credit to the firm. He said: “We’re very pleased to have been recognised as a law firm which
has a specialism in this niche area - in which few other firms have expertise. “This appointment means that almshouses nationwide will be aware of
our expertise if and when they need legal support.” Sue Turner, of the Almshouse Association, said: “The Almshouse
Association has a panel of consultants, all of whom have been recommended by one of the Association’s member charities. We are delighted to welcome Nelsons Solicitors to our panel.”
Richard Grosberg
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