Home improvements firm sold out of administration

Affinity Contracts, the Lincoln property renovation business, has been sold out of administration.

Administrators from Smith Cooper’s Business Recovery and Insolvency division were appointed to implement a formal rescue process, following which an accelerated sales procedure was conducted, marketing the business to interested parties.

A suitable buyer was identified, and the business and its assets were sold on 10 June, saving all jobs. According to its latest available accounts, the firm employed seven people.

Michael Roome, business recovery and insolvency partner at Smith Cooper, saod “We’re very pleased to have saved the business, particularly given the current climate and the industry in which Affinity Contracts operate.”

“The unprecedented outbreak of the COVID-19 virus has had a profound effect on businesses and individuals and will inevitably cause significant financial strain in the months to come. But in times of difficulty, early intervention is paramount, as is evident in cases like this one. The sooner you seek professional help, the more likely a strategic recovery is.”