Heating firm sold out of administration

A SUPPLIER and distributor of heating, ventilation and heat recovery products has been sold out of administration in an undisclosed deal.

Vent Vision, which is based in Birmingham and also has an outlet in Hull, serves the residential, commercial and industrial sectors.

Prior to entering administration, the business had faced cash-flow due to a squeeze on working capital.

After assessing its options, the company opted to find a buyer as the most viable solution to secure the long term future of the business.

Rajnesh Mittal and Steven Stokes, partners at FRP Advisory were appointed as administrators earlier this month.

They completed a swift sale of the business and accompanying assets to London-based Young’s Extract Supplies, a manufacturer and supplier of ventilation systems.

The deal ensures continuity of supply for the firm’s customers, while securing 13 jobs.

Rajnesh Mittal, partner and joint administrator at FRP Advisory, said: “The sale of this long established business to Young’s Extract Supplies is an ideal solution to ensure continuity of trading, while securing all 13 jobs in the process. We wish all concerned under the new ownership the very best for the future.”

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