Leicester removals business saved after trade sale
Eleven jobs have been saved after Bardies Storage and Moving , the Leicester-based removals operations and part of the Britannia Movers International Co-operative, was sold to a third party removals firm and member of the Britannia.
Chris Stirland and John Lowe, partners at FRP Advisory, the business advisory firm, sold the firm out of administration.
Following a crash to a company vehicle in the spring and early summer of 2015, the business however suffered from reduced capacity at the critical annual seasonal pick-up in domestic home moves activity, which in turn impacted cash-flow and resulted in a severe shortfall in the company’s working capital last winter and into the first quarter of 2016.
After attempts to restructure failed to address the pressure on cash-flow, the company was left at the end of the first quarter 2016 with no viable option if it was to continue to trade as going concern other than to seek the protection of administration while the business was marketed for sale.
Three of the Company’s 14 staff left the business before administrators at FRP Advisory were appointed on 22 March 2016.
Following an accelerated sales process, 15 parties signed non-disclosure agreements and gained access to further company information which lead to competing offers being submitted for the business.
The administrators sold the company as a going concern to a third party removals business and member of Britannia with no connection to the Company’s owners and directors, securing all 11 remaining jobs.
