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.”

The sale of two industrial units in Porthmadog could indicate new signs of life in the North Wales commercial market, according to agents Charterfields.  The units, which had a total floor space of 2,136 sq m, changed hands for £440,000.  The deal, which featured two adjoining properties on the Penamser Business Park, is believed to be the first sale of commercial property of this size in the area for the past 12 months.  They had previously housed the offices and manufacturing facility for Heritage Homes, a holiday home manufacturer which was liquidated earlier this year.  David Fowlds, director of Charterfields in Manchester, said: “The commercial property market in this part of Wales has been stagnant for some time and we are aware of vacant units which have been on the market for over five years.  We believe this sale indicates signs of renewed interest in industrial space in North Wales.”

A new version of the valuers’ ‘Red Book’ has changed the basis for valuations of property and plant & equipment, warns Ian Maycock of Charterfields.

The latest ‘Valuation – Professional Standards’ guidelines from the Royal Institution of Chartered Surveyors came into effect on 30 March 2012.   The guidelines – known affectionately as the ‘Red Book’ – outline the principles on which valuations of property, plant & equipment and other assets must be based.

Ian Maycock said: “The changes bring the UK standards more in line with International Valuation Standards, which were revised on 1 January 2012.  The latest changes are subtle but significant and include alterations to the definition of Market Value, so that it matches the definition of Fair Value as defined in by the International Valuation Standards.

“Businesses and professionals who require valuations of property and plant & equipment need to be aware of the changes and ensure that any valuations they have carried out are based on the most up-to-date standards.  In the worst case scenario, failure to do so could result in a charge of professional negligence.”

The Manchester office of Charterfields advised on the sale of three Bradford businesses in a pre-pack deal that saved 98 jobs.

Pakeezah Meats Ltd, Pakeezah Superstores Ltd and Pakeezah (Girlington) Ltd are amongst Bradford’s leading specialist ethnic food retailers and Halal meat processors. 

Ian Maycock, director of Charterfields’ Manchester office, conducted negotiations on behalf of the administrators, The P&A Partnership, and advised on the sale of the assets of the business. 

Chris White of The P&A Partnership confirmed that the businesses had been bought by a company set up by one of the previous directors.  He said: “As a result of the deal all jobs at the two food stores and Halal meat processors have been saved.  The three businesses together had sales of more than £14m last year but unfortunately got into financial difficulties because of significant cash flow problems.  The administrators are writing to all creditors to inform them of the sale.”

Ian Maycock said:  “We are delighted to have been able to help negotiate a deal to secure the future of these businesses and the jobs of their employees.”

Charterfields have expanded their corporate valuation team with two new appointments.  Paul McCann and Mike Havis join Charterfields from Edward Symmons.

Paul, who will be based at the Manchester office, has over 35 years experience in covering valuations of plant and equipment.   During his career, he has carried out assignments in Europe, the Americas, the Middle East and Far East and has led major projects for companies such as Cadbury Kraft, BMW and the University of Manchester.  Paul is the fourth new member of staff to join the Manchester office in the past six months. 

Mike, who will be based in Sheffield, joins to develop technical sales and has experience on assignments as diverse as international hotels groups in the UK, France and Germany to port infrastructure facilities around the world.

Charterfields’ corporate valuation team is one of the largest independent teams in the UK, specialising in insurance and financial advisory.

Neil Warburton, Charterfields’ managing director, said: “Mike and Paul bring extensive experience in valuations and will further strengthen our skills base.  Their appointment is in response to growing national and international demand for our services, and demonstrates our commitment to providing class leading client service support.”

Timber products and joinery equipment to the value of £2.4 million are due to go under the hammer in what is believed to be the largest ever distressed sale of its type in the UK.

The 4,000 lots are the assets of Oakworth Joinery, the Yorkshire company which was the UK’s largest independent window and door manufacturer before its closure in February.

Valuers and auctioneers Charterfields have spent several weeks cataloguing the stock remaining on Oakworth’s 15-acre site in Keighley.   The sale will feature 1,500 lots of woodworking equipment, machinery and tooling, including a recently installed, fully automated paint plant, along with 1,000 lengths of timber consisting of redwood, iroko, sapele and oak, both machined and virgin.

There are also manufactured products including 500 sets of French folding doors and 500 windows, plus warehouse racking, office equipment and consumables.

Oakworth was Keighley’s second largest employer and its collapse resulted in the loss of 170 jobs.  The company had been manufacturing in the town since 1965.  Charterfields is selling the assets of the business on behalf of the administrators, The P&A Partnership.

Robert Edwards, associate director with Charterfields, said: “In terms of the sheer number of items, this is one of the largest auctions we have seen in recent years.  I believe it will certainly be the biggest ever distressed sale of timber products in the UK.

“The auction will be of interest not only to the joinery trade but also to the wider construction industry. It is an opportunity for window and door manufacturers to stock up on raw materials and equipment, and for builders, builders’ supplies merchants and DIY outlets to acquire windows, doors and other products at below cost prices.” 

Viewing takes place Tuesday and Wednesday, 27 and 28 March, between 9.00am and 4.30pm at the premises of Oakworth Joinery, with the online auction being held on 2 to 4 April.

Asset valuation specialists Charterfields have been appointed to advise the administrators of Oakworth Joinery, the UK’s largest independent window and door manufacturer which closed last week with the loss of 170 jobs.

Oakworth, which was based in Keighley, Yorkshire, had been manufacturing in the town since 1965 and was its second largest employer. Charterfields have been appointed by the joint administrators John Russell and Chris White of The P&A Partnership.

David Smith, director of Charterfields, said: “It is sad to see the closure of a long-established firm like Oakworth and the loss of so many jobs. The task now is to co-ordinate an orderly closure and realisation of the assets, for the benefit of the creditors.”

The assets of the business include a wide range of woodworking, plant and equipment, including a state-of-the-art, recently installed paint plant, together with a wide range of stocks, consumables and product designs.

Twelve jobs have been saved at a Yorkshire packaging supplies company after a competitor stepped in to buy the business from Administrators.

Centerpac, based in Dinnington, Sheffield, has been acquired by the Samuel Grant Group, following a week-long race to find a buyer for the firm.

Centerpac, which supplies packaging materials and equipment, was forced to stop trading in December after it ran into financial difficulties.  It was placed into administration in January 2012, and joint Administrators Graham Newton and Paul Bates of accountancy and business advisory firm BDO LLP appointed surveyors and valuers Charterfields to identify potential buyers.

Ian Maycock, director of Charterfields, said: “As Centerpac had already stopped trading, we knew we only had a very short time to find a buyer before customers and staff deserted and the business simply fell apart.

“Fortunately we were able to identify a number of interested parties, including one from overseas.  Discussions were held, a buyer selected and the deal completed less than a week after the search began.  We are particularly pleased that the jobs of the 12 staff will be secured under the new ownership.”

Established in 1891, the Samuel Grant Group is the largest privately owned packaging distributor in the North, employing 80 staff and with depots in Leeds, Sheffield and Jarrow.