Acquisition Opportunity; Promotional Logistics Limited t/a Prolog – In Administration

Rebecca Dacre and Simon Chandler of Mazars LLP have today been appointed as Joint Administrators of Promotional Logistics Limited (t/a Prolog)

Prolog is a provider of warehousing, distribution and logistics services, with 618 employees based at two sites in Nottinghamshire and Suffolk. All staff have been notified and no redundancies have been made. Thanks to the support of all of Prolog’s employees, as well as its customers, the company is continuing to operate while the Joint Administrators seek a purchaser.

The business has already generated significant interest from potential buyers, and the Joint Administrators welcome further enquiries.

To register interest, please contact: Paul.Maloney@mazars.co.uk

 

 

Acquisition opportunity: Promotional Logistics Limited t/a Prolog

Mazars LLP are instructed to act on behalf of the Company. The proposed Joint Administrators are continuing to trade the business and offer its business and assets for sale.

The Company operates from leasehold premises in Annesley, Notts and Sudbury, Suffolk, employing 618 staff.

The principal activities are multi-channel fulfilment, POS management & fulfilment, warehouse storage services, returns distribution and contact centre solutions in the UK.

The Company’s assets are its goodwill, operating knowledge and expertise, customer base, plant, machinery, equipment, fixtures & fittings, stock, vehicles located in its trading premises together with its commercial contracts and opportunities.

Offers are invited from interested parties who are seeking to purchase the business, and assets as a whole in the first instance.

All enquires and communication should be directed to Paul Maloney in the first instance. Email: paul.maloney@mazars.co.uk

Acquisition opportunity: Service & Manufacturer of Lifting and Handling Equipment Business

Mazars LLP is currently assisting a Company which is seeking a buyer for its business and assets.

The company services and manufactures lifting and handling equipment, including service and preventative measures, 24/7 breakdowns, inspections, modernising existing equipment, manufacture and installation work and pre-installation site assessments.

The company began operating in 2001 and was incorporated in 2009, operating from a manufacturing premises based in the North West and employing 14 staff working on largely factory based crane type equipment.

The company provides its services under both one off contracts and framework agreements to its customer base, UK wide though predominantly in the Northwest, including a number of blue chip customers.

Offers are invited from interested parties who are seeking to purchase the business, and assets as a whole in the first instance.

Please email Conrad Pearson to request further information: Conrad.Pearson@mazars.co.uk

Acquisition opportunity: Digital Agency Business

Mazars LLP is currently assisting a Company which is seeking a buyer for its business.

The Company was established in 2014 and trades from leasehold premises. The Company has 4 years’ experience as a Bing and Google Partner managing Bing and Google accounts for retail, travel and financial services, utilising proprietary technology to manage shopping, search and display.

The Company has 20 members of UK based staff, 4 of which are certified, and benefits from recurring monthly revenues from an established client base.

Offers are invited from interested parties who are seeking to purchase the business.

Please email Dan Fleming to request further information: Daniel.Fleming@mazars.co.uk

Acquisition opportunity: Luckywheel Limited (in Administration)

This is an opportunity to acquire the business and assets of a leading contractor of exterior facades in Greater London and the South East with a turnover of £8m.

Luckywheel Limited designs, manufactures and installs full exterior facades for both residential and commercial projects. It works with a number of well-regarded national developers in the South East and Greater London.

The Company provides an enveloped project management service from the design phase through to the final installation of their product, including manufacturing capability of various architectural metalwork.

Luckywheel Limited entered Administration on 3 May 2018 and continues to trade under the direction of the Administrators.

Its key assets include a substantial order book (including future value of works on projects in hand) of £5.9m, with an additional £19m of work tendered for; freehold manufacturing and office facilities; manufacturing equipment and work in progress.

Turnover and EBITDA for FY18E (3 months actual plus 9 months forecast) are forecast to grow by 42% or £2.38m and 16% or £126k respectively from the prior year. This is based on contracts won to date and an estimate of those out for tender. The compound annual growth rate for the period FY15A to FY17A was 30% for turnover and 32% for adjusted EBITDA.

Interest is invited for the business and assets of the Company, with further information available subject to a non-disclosure agreement.

A deadline for indicative offers is expected to be set for Friday 19 May.

For further information, please contact Chris Weatherall of Mazars Deal Advisory: chris.weatherall@mazars.co.uk

Flowstream International Ltd – in Administration – Assets for Sale

Patrick Lannagan and Conrad Pearson of Mazars LLP were appointed Joint Administrators (“the Administrators”) of Flowstream International Ltd (“the Company”) on 12th February 2018.

In light of the limited order book in hand all employees have been made redundant following the Administrators’ appointment.

The Company trades from leasehold premises in Stockport (Unit 5 Station Road Industrial Estate, Station Road, Stockport, SK5 6ND) and operated as an industrial valve design and manufacturer, specialising in control valves and isolating valves for severe service applications in oil, gas, chemical and petrochemical industries of taps and valves.

The name Flowstream has been synonymous with the UK valve industry for decades and was born from the Hunt & Mitton Company, the origins of which can be traced back to 1842. The company developed to become a leading valve manufacturing company in the UK and one of the first members of what today is the BVAA. Hunt & Mitton’s successful globe control valve range was initially called the Flowstream range, which went on to become the new company name. Flowstream’s range of globe control valves has been sold into the oil & gas industry around the world.

The Company’s latest management accounts to 31 March 2017 detail turnover of £693K. The turnover for the prior 3 years was (2014 – £2.2m, 2015 £1.7m and 2016 £786K).  The main asset aside from the plant and machinery is the intellectual property, which includes designs and detailed machining drawings and sizing program for globe control valve range for liquid and gas service and a range of other valve products. The Company has customers and manufacturing partnerships around the world, most recently in Iran and China.

Offers are invited from interested parties who are seeking to purchase the assets and/or business.

Please email Conrad.pearson@mazars.co.uk to request a non-disclosure agreement and further information.

Business for Sale: Global Adventure Sport Ltd

Mazars LLP is currently assisting a business which has ceased to trade, but is seeking a buyer for its business and assets.

The Company was established in 2009 as a family run business, retailing bikes and cycling accessories.

It trades from leasehold premises in Tattenhall, near Chester, with a mature online presence generating 60% of their sales and a retail space within their trading premises.

The Company has become one of the largest UK mainland dealers for sought after brands such as Ghost Bikes, Lapierre and Nukeproof.

The main assets of the business are the website / domain-name http://www.globalbike.co.uk/ and stock.

The online trading is through Magento software.

The leasehold trading shop / premises has also benefited from a number of improvements.

Offers are invited from interested parties who are seeking to purchase the business, website/domain-name and assets as a whole in the first instance.  In the event that no purchaser is sought, the assets will be auctioned by our agents in due course.

Please email Conrad Pearson to request further information: conrad.pearson@mazars.co.uk

Mazars appointed Administrators of Key Forensics Services Ltd

Simon Chandler and Scott Bevan of Mazars LLP were appointed as Joint Administrators of Key Forensic Services Limited on 30 January 2018.

Key Forensic Services Limited is a significant provider of forensic services to a number of police forces.

The company turnover for the year to 31 March 2017 was £15.3m and it currently employs 261 staff members over its three trading sites: Coventry, Warrington and Norwich.

An agreement has been reached between the key stakeholders of the company to ensure a period of stability in the business. This will minimise the impact on the criminal justice system and ongoing cases, and help to protect evidence in live criminal cases.

The company is continuing to trade and no redundancies have been made. The Joint Administrators are in discussions with interested parties and seeking further offers for the business and assets of the company to enable a sale of the business as a going concern.

Simon Chandler, Mazars Head of Restructuring Services and Joint Administrator, said: “The Company had an underlying profitable business but suffered extreme pressure on its working capital whilst developing new markets and opportunities. The working capital issues have ultimately resulted in the need to appoint Joint Administrators despite the efforts of senior management to obtain further funding or a purchaser

“I would like to thank the company’s stakeholders for their support in stabilising the business so that discussions can take place with interested parties to achieve a sale of the business and assets. A sale would preserve jobs and provide the best outcome for stakeholders and creditors.”

Key Forensics Ltd – in Administration – Sale of Business

Simon Chandler and Scott Bevan we appointed as Joint Administrators of the company on 30 January 2018.

The Joint Administrators are continuing to trade the business and offer its business and assets for sale.

  • The Company operates from leasehold premises in the Coventry, Norwich and Warrington.
  • The principal activity is the provision of full forensic services in the UK and abroad.
  • The Company’s assets are its goodwill, operating knowledge and expertise, equipment, stock, motor vehicles and customer base located in its trading premises together with its commercial contracts and opportunities.

Key Highlights

  • The Company is long established and well known in its field.
  • The Company employs 260 staff across the business.
  • The Company operates from a number of trading sites in its key geographical locations together with service delivery at customer sites.
  • The Company is party to a number of framework agreements and has significant commercial opportunities and ongoing projects.

Way Forward

Further information will be available on request and will be provided upon receipt of a signed non disclosure agreement. Offers should be submitted as soon as possible together with proof of funding.

Contact Details

All enquires and communication should be directed to Scott Bevan in the first instance. Contact details are as follows:

Telephone:0121 232 9543

Email:       scott.bevan@mazars.co.uk

Carillion Collapse – the Consequences

Carillion Plc

Carillion Construction Limited

Carillion Services Limited

Planned Maintenance Engineering Limited

Carillion Integrated Services Limited

Carillion Services 2006 Limited

All in Compulsory Liquidation

The Official Receiver has been appointed as Liquidator by the High Court on 15 January 2018.

A number of insolvency practitioners from PWC have been appointed as special managers of the above companies.

The companies will remain in liquidation and be administered by the Official Receiver however it is likely that the special managers will manage the ongoing trading activities and other affairs of those companies. The exact role of the special managers will be set out in the court order which appoints each of the special managers.

The position is complex and PWC will be acting as an officer of the court in the discharge of their functions.

PWC have set up a website to provide information to the employees and others impacted by the above liquidations however each party will need to assess their own position and seek advice which will best protect them as the circumstances of Carillion Plc’s failure unfold. Details can be found on the Insolvency Service’s website here: https://www.gov.uk/government/news/carillion-declares-insolvency-information-for-employees-creditors-and-suppliers

Such advice will consider the best way to legally protect your company’s interests and maximise your recoveries. The liquidation will impact on the contractual relationship which exists between you and those listed above and as such you will need to consider the rights and remedies available to you.

During these initial stages practical commitments will continue and you may be incurring additional liabilities by taking no actions. Steps will be necessary to limit those liabilities whilst not breaching any of your obligations or you will need to obtain firm commitments from the special managers that those liabilities will be met.

Our team of restructuring experts are able to provide advice to assist in your assessment and support in this difficult time.

https://www.mazars.co.uk/Home/Our-Services/Financial-Advisory-Services/Restructuring-services/The-restructuring-services-team