All remaining jobs were saved at a vehicle breakdown and repair company, Nottingham Breakdown Service Ltd, following a pre-packaged sale of the company’s business and assets, after the company entered administration on 1 August 2024.
Dean Nelson and Nick Lee (Business Recovery & Restructuring partners at PKF Smith Cooper) were appointed as joint administrators of the company.
The sale of the company ensured that all nine remaining jobs were saved, as well as the business assets and its ongoing customer contracts. The business was therefore able to keep hold of all current customers and can continue to service its contracts going forward.
With over 40 years’ experience in the industry, the business provides 24/7 breakdown recovery services and garage services, including repairs and servicing, to vehicle owners across the United Kingdom.
The company’s issues arose as a result of the rising costs of overhead inflation, including increasing fuel costs, which put pressure on the company’s cash flow and working capital requirements.
Due to these difficulties, Dean Nelson, a partner of the Business Recovery and Restructuring team at PKF Smith Cooper, was contacted by the directors of the company, to conduct an accelerated merger and acquisition process, to try and identify a purchaser for the company’s business and assets.
Following protracted negotiations with interested parties, a pre-packaged sale was able to be completed on 1 August 2024, following the company entering administration on the same day.
Dean Nelson, Business Recovery and Restructuring partner at PKF Smith Cooper, said: “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.”
