500 jobs saved as rescue deal is secured for ambulance firm
A private ambulance firm has been rescued out of administration, safeguarding nearly 500 jobs and maintaining vital services.
Elite Emergency Medical Services based in Tamworth has been purchased in a pre-pack deal by an undisclosed buyer, a year after it acquired Polaris Medical Services.
That deal caused “significant losses” for Elite, as it tried to integrate Polaris into the organisation as well as accruing costs for transferring colleagues across.
A number of fixed-term NHS contracts also put Elite under financial strain as geopolitical instability and a challenging economic backdrop led to an increase in costs for medical supplies, vehicle maintenance, fuel and staff during the period.
Administrators at Begbies Traynor immediately sold the business when they were appointed on April 19, saving more than 490 jobs.
Dominik Czerwinke, joint administrator at Begbies Traynor said: “We are delighted to have secured a swift and favourable outcome for the staff of the Company. Moreover, our actions have safeguarded the continuity of vital medical care and ambulance services throughout the South East, which is crucial to preventing loss of life and avoiding delays in treatment and care within the local communities.
“Any potential alternative outcome would have led to mass redundancies and disruption to frontline medical services that are heavily relied upon by both members of the general public and contracted NHS trusts. This was a situation where a pre-packaged sale of the business and assets was a vital tool in the box as no other procedure allowed for this outcome in the time available. The continued liaison and support from both Bibby Financial Services and the Company’s bank, together with expert legal advice from Pinsent Masons, all led to a successful outcome.”
