Charterfields are again delighted to be exhibiting at AIRMIC. Please join us on Stand 80 to find out about our free Valuation Health Check service that provides key data in identifying issues of under or over insurance for all categories of property, plant, machinery and equipment assets in any sector of business. It is a key tool for risk managers in identifying exposure so why not drop by to Stand 80 to find out more.
With excitement mounting in the run-up to the Olympics, Charterfields’ staff took on their own sporting challenge by competing in a charity football tournament in Sheffield.
Charlotte Smith from the Manchester office, captained a seven-strong team including Declan Kilbride, Josh Northcott, Mike Havis, Robert Edwards, Amy Thelwell and Hannah Longden. The event, hosted by insolvency practitioners Wilson Field, was in aid of Neurocare, a charity which raises money to buy equipment for use in the neuro theatres of Sheffield’s Royal Hallamshire Hospital.
Medal hopes soon evaporated as the level of competition proved too high for our young (keen but in-experienced) team. We did, however, play a strong ‘supporting’ role by providing a platform for the results table!
Better luck was to be had in the raffle, with team members winning four prizes, ranging from jewellery vouchers to champagne, which were much appreciated.
Undeterred by their performance on the pitch, four of the more enthusiastic team members, decided to put their general knowledge to the test at the ‘Indian Quizine’ night hosted by BNP Paribas Real Estate and hlw Keeble Hawson. Amy, Charlotte, Josh and Hannah took part in the event at the 7 Spices Balti Restaurant in Sheffield.
Again, youth and enthusiasm proved no match for the greater depth of general knowledge displayed by the more mature teams comprising solicitors and accountants, although, the Charterfields’ team was, at least, able to take to the stage – to collect the wooden spoon! Consolation was to be had in the knowledge that they had helped to raise funds for Cavendish Cancer Care, which provides free emotional support to cancer patients in Yorkshire and Derbyshire.
Charlotte Smith said:
“We were disappointed, but not disheartened, as we firmly believe that we displayed the true Olympic Spirit, that it is the taking part, not the winning, that counts! The team members will, however, be putting in a lot more practice, for next years events, in an attempt to ensure that the ‘winning’ ranks equally with the ‘taking part’! Thanks to Wilson Field, BNP Paribas Real Estate and hlw Keeble Hawson for organizing these exciting and fun charity events.”
A company which makes angioplasty balloons used by surgeons worldwide has been put on the market after falling into financial difficulties.
Charterfields has launched an international search to find a buyer for ABT Medical, which is based in County Wexford, Ireland and whose customers include some of the world’s top medical device companies. The company manufactures bespoke balloons for a wide range of procedures including some of the world’s longest, at around 400mm in length.
Jason Sheehy, managing partner at the Dublin office of insolvency practitioners The P&A Partnership, has been appointed as Examiner to the firm and has commissioned Charterfields to help find a buyer or investor. Under Irish law, the examinership process gives the company a period of formal protection while a solution is sought to save the business.
ABT Medical was classed as a ‘high potential start-up’ by the Irish government after it began trading in 2009 and applauded for its role in creating high value employment and economic growth. It achieved strong export sales in the USA, China and Middle East, also winning a variety of business awards.
To meet increased demand, in 2011, it moved to a new 4,500 sq ft facility, with a class 100,000 clean room, just outside Wexford town and announced plans to create 25 additional jobs over a three-year period. However earlier this year it ran into cashflow difficulties.
Jason Sheehy said: “This is an excellent opportunity for a larger medtech company or investor to acquire a specialist division through the examination process, which potentially allows for previous tax loss retention, and with the advantage of Ireland’s favourable corporation tax rate.”
Roger Cutting, Director of Charterfields, said: “We believe ABT Medical has great potential as a business. It has developed several hundred product designs, including some with capabilities in advance of competitors’ devices. It has a modern production facility and strong customer base in European and the US, with developing connections in China.”
A Stoke-on-Trent pet food business which went into liquidation is to be revived by a local entrepreneur.
Peter Barratt has acquired the assets of Dicksons Pet Foods and plans to resume trading from premises in Betley, Staffordshire.
Dicksons, a pet food wholesaler, was a long-established family firm which supplied distributors throughout the UK and sold products through its online store. The company also produced its own range of pet foods and was particularly known for its premium dog food brand, ‘Just Delicious’.
After Dicksons ceased trading in May as a result of cashflow problems, the liquidator, Allan Cadman of Poppleton & Appleby, appointed Charterfields to dispose of the assets, which included large stocks of pet food. In addition the company had registered its own brand, Just Delicious, including the recipes and designs.
Charterfields carried out a search for potential buyers which resulted in the sale to Mr Barratt, whose business interests include carp fisheries and student accommodation. He is now relaunching the business under the name of Brookside Pet Food Ltd.
Ian Maycock, director of Charterfields, said: “Dicksons had built up a client base over many years and had a number of established brands including their dog food brands which were popular with breeders. Mr Barratt spotted the opportunity to revive the business, which is complementary to his existing interests. He has acquired the full assets of the business including the brands and the website and is planning to recommence trading. We wish him all the best with his new venture.”
HE Woolley – a Middlesbrough company which provides fire extinguishers and security equipment – is expanding its business by buying the assets of a former competitor.
The company has acquired the assets of North East Counties Fire Engineering in a move that will allow it to diversify into the ‘beer gas’ trade. North East Counties, which was also based in Middlesbrough and which collapsed in May, had started out by providing fire safety equipment but more recently its main business was in supplying drinks dispenser gases to pubs, clubs and hotels.
After the business ceased trading, Liquidator Kate Breese of Walsh Taylor, insolvency practitioners appointed Charterfields to dispose of the assets.
Ian Maycock, director of Charterfields, said: “North East Counties was a second-generation family business which unfortunately was forced to close due to financial difficulties. Following a marketing campaign to identify potential buyers, HE Woolley has acquired all the assets including stock, equipment and customer lists and is relocating them to its own premises.
“The acquisition is an opportunity for HE Woolley to expand and diversify its own business. It’s a good example of the way in which companies which are thriving in the current difficult trading environment and have access to finance can quickly extend their product lines and customer base by acquiring the assets of businesses that are insolvent.”
Charterfields has succeeded in selling the leasehold interest on a retail unit in the City of London following the collapse of the company which occupied the premises.
Harkal Trading, a convenience store and sandwich shop on Houndsditch, ceased trading earlier this year. Charterfields was appointed by insolvency practitioners Wilson Field to sell the assets of the business which included the remaining leasehold interest.
The lease, which had a further 1year, 9 months to run, was sold for £15,000 to Posh Foods, which also acquired the stock and equipment for a further £5,000 and has resumed trading from the premises.
Ian Maycock, director of Charterfields, said: “The sale was noteable in achieving value from an unexpired lease. Due to the fall in rents in the City in recent years, where leasehold interests have become available they often achieve nil value. We are pleased to have been successful in selling the remaining interest in this case, resulting in further returns for the creditors.”
Charterfields’ latest edition of Insurance Cost Tracker [ICT], our leading e-newsletter for clients and professionals in the insurance and risk management markets, is now available as a free download. Please click here to view.
Charterfields is in the running for the St Nick North West Turnaround Awards, which recognise excellent work by professionals in the restructuring community.
The company has been shortlisted for the award for the best valuation agency. The winners will be announced at the event at Manchester Museum of Science and Industry on 28 June 2012.
The St Nick Awards are organised by turnaround investors Endless LLP and began in Yorkshire in 2006, with separate events introduced later for the North West and the Midlands. Charterfields has supported the North West awards since their launch in 2010 and will once again be sponsoring an awards category this year.
Profits from the event will go to the Turnaround Foundation which will fund projects in Manchester, the first being a breakfast club to help primary school children in disadvantaged areas.
Ian Maycock, director at Charterfields’ Manchester office, said: “We have supported the St Nick North West Awards since they were launched two years ago. The event provides a valuable way to recognise some of the outstanding work that is carried out by professionals in the turnaround sector.
“We are particularly pleased that Charterfields itself has been shortlisted for this award. The Manchester office has been growing rapidly, with four new staff members in just six months, and are now providing a complete range of expert valuation services.”
If you would like to cast your vote, please follow the link below. Voting closes on Tuesday the 19th June at 4pm.
Direct Fruit Supplies (Leeds) Ltd, a family-run business which supplies food to the catering industry in the North of England, has been acquired by its director in a pre-pack administration that has secured the jobs of its 17 staff.
Brendan Guilfoyle and Chris White of the P&A Partnership were appointed administrators of the business and sold it immediately on appointment to Michael Marcus, son of the original founder.
Charterfields conducted the marketing of the business prior to advising on the sale.
Direct Fruit Supplies provides fresh food to restaurants, pubs, hotels, universities, prisons and contract catering companies. Clients include the Royal Armouries, Leeds City Council and Leeds University. Established in 1957, the business has been run by Mr Marcus since the 1980s.
Brendan Guilfoyle said: “The company has suffered cashflow problems for some time and P&A were appointed as administrators when it became unable to meet its financial commitments. Mr Marcus has now acquired the assets of the business and is continuing to trade and keep on the existing staff.”
Ian Maycock, director of Charterfields, said: “We carried out a marketing campaign to find a buyer for the business and attracted interest from a number of parties, however it was clear from an analysis of the bids that the offer from Mr Marcus provided the best outcome and the returns for the administration and, importantly, has secured the jobs of 17 people.”
A security firm in Rotherham has been sold to a rival business in a deal that has saved around 70 jobs.
Chris White and John Russell, partners at The P&A Partnership, were appointed joint administrators at Sekure Europe Ltd on March 14. The company, which provides security services to local authorities, schools and local businesses, has been bought by Independent Contractor Security Ltd of Chesterfield. The sale follows a two-week race to find a buyer for the struggling business.
Chris White said: “Sekure Europe ran into cashflow difficulties earlier this year. We are pleased that a buyer has been found so quickly to save jobs and keep the business going.”
Ian Maycock, director of the Manchester office of Charterfields, which was appointed by P&A to sell the business, said the team had identified and contacted a range of potential buyers. “The operation had to be completed within a very short timescale and conducted in complete confidentiality so as to maintain customer confidence and secure the work already in place.
“Negotiations were conducted with two interested parties, with Independent Contractor Security considered the one offering the best prospects for the business and its employees. The whole operation, from search to sale, was completed in just two weeks. We are delighted to have found a buyer to save the business and the jobs of the staff.”