Winterhill assets bought back from administrators
Knutsford-based Audit ID, which provides invoice discounting and asset-based lending audits to banks and other lenders, was founded in 2012 by James Hulme.
It merged into asset valuation, disposal and recovery group Winterhill Largo in 2014, where it went on to become Winterhill Receivables.
Hulme continued to head up the division until Winterhill Largo went into administration at the end of February this year.
The deal to acquire the company assets sees Audit ID retain four members of staff from the Winterhill Receivables business, including two senior auditors and surveyors, who will continue to work alongside Hulme.
The company also retains its Professional Indemnity cover and position on the panel of several major banks.
“The decision to merge with Winterhill Largo enabled our business to grow strongly and strategically, and to build an exceptionally experienced and talented team,” said Hulme.
“In that time, we widened our reach to include work with more of the major banks on a range of increasingly complex deals.
“As we revert back to the original Audit ID business, we take with us that expertise and client base, putting us in an extremely strong position to continue our work without disruption.”
Terms of the deal were not disclosed.
Lindsay Cooper, Chris Ratten and Graham Bushby of RSM Restructuring Advisory were appointed joint administrators of Blackburn-headquartered Winterhill Largo and its affiliated companies Largo Collections, Winterhill Property, Winterhill Receiverables and ABL Services, and Winterhill Asset.
