Swoop for T Jolly’s assets saves 80 jobs

AN EAST Lancashire business which installs air handling systems has picked up the M&E arm of T Jolly.

The move by Atlas Clean Air to acquire the business and assets of T Jolly Services from administrators Grant Thornton has secured the future of more than 80 jobs, and the staff will continue to operate from the existing base at Millennium City Park in Preston.

Atlas Clean Air said the enlarged group would benefit from the expansion of its client portfolio, the integration of additional management expertise and a sounder financial footing.

Atlas Clean Air director Paul Riley said: “This acquisition is about our growth strategy and continuing support for the well-established and loyal client base at T Jolly.

“The business has an enviable name for quality and reliability and our focus will be on retaining and developing those vital client relationships.”

T Jolly has a history stretching back more than 100 years. The firm underwent a management buy-out in 2008 in which NBGI Private Equity – the private equity arm of the National Bank of Greece – took a majority stake.

However, sales in the firm had since declined and it moved into a loss-making position, and Grant Thornton was eventually appointed as administrators earlier this month. It subsequently closed an installation division which employed 65 staff.

Joint administrator Les Ross of Grant Thornton said: “Following a short period of trading and an accelerated sales process, we are delighted to have achieved a sale of the maintenance division which will secure the continued employment of 79 members of staff.

“A quick outcome was essential to avoid the deterioration of the goodwill inherent within the business and avoid losing the support of a loyal client base.  This represents the best outcome for the company’s stakeholders and also provides continuity of supply to the company’s long standing clients throughout the busy Winter period.”