Administrators called in at Mynt Facilities

A CORPORATE cleaning company that secured £650,000 from the North West Fund last year has gone into administration.

Mynt Facilities Services was backed by YFM Equity Partners last June, which at the time was running the North West Fund’s £45m development capital pot.

Phil Duffy and Sarah Bell of Duff & Phelps in Manchester were appointed to the business on June 20.

Mynt was set up in Manchester in 1997 as ACS Cleaning by Mark Allen who planned to expand the business with the fund’s cash injection.

Following the deal Eugene Boyle and and Jamie McGivern joined the management team and Mr Boyle took a 50% stake. They had both previously worked together at Manchester-based contract cleaning business InterCity Group, a former YFM Equity Partners portfolio company which was sold to LPM Group in 2008.

According to publicity around the time of the deal, Mynt’s client base included the Thai restaurant chain Chaophraya, British Transport Police, Tyco Ltd, Amalans Solicitors and Allied Irish Bank. One of its specialist areas was cleaning food preparation areas of restaurants, pubs and clubs.

At the time of publication the administrators had not responded to an inquiry from TheBusinessDesk about their plans for the business, or the impact on staff.

In a statement the North West Fund said: “We are disappointed to see the Mynt Group placed into administration. During this process, we will offer all appropriate assistance.

“To date The North West Fund has invested more than £59m into over 190 businesses. All investments carry a risk and clearly it is possible that some will fail. We continue to work closely with our fund managers and portfolio companies to ensure our investments create and safeguard jobs, growth and prosperity for the North West of England.”