Administrators achieve sale of bespoke signage specialist
Administrators appointed to a display and bespoke signage specialist have completed a sale of the business, saving 17 jobs.
Chris Pole and Howard Smith from Interpath Advisory were appointed to Concept Sign and Display Limited on the 18th August.
Recent projects for the Birmingham-based firm include the design and installation of the Iconic Media Eye LED screens at Birmingham New Street station, as well as large format LED projects on behalf of high profile sports venues.
Historically profitable, the company was negatively impacted by the COVID-19 lockdowns. This, coupled with the impact of ongoing legal costs relating to a contractual dispute, placed significant cashflow pressure on the business.
After reviewing their options, the Directors took the difficult decision to file for the appointment of the joint administrators.
Immediately following their appointment, the joint administrators concluded a sale of the business and its assets to UK Private Equity fund Elaghmore.
All of the Company’s 17 employees have transferred to the purchaser as part of the sale.
Chris Pole, Managing Director at Interpath Advisory and Joint Administrator, said: “Concept Sign and Display have a fantastic track-record of providing creative and innovative signage solutions at high-profile locations around the country.
“We’re delighted to have completed this transaction which secures the future of the business, as well as safeguarding the jobs of 17 employees.”