Insolvency experts from Sheffield have helped to rescue three Yorkshire Companies.
Business turnaround and insolvency specialists Wilson Field and the P&A Partnership have saved two companies in York and one in Rotherham.
Wilson Field’s Kelly Burton and Claire Foster were appointed joint administrators of York-based temporary fencing business Panel Shop and its affiliated company, S&B Hire, after the economic downturn caused a dramatic decline in orders.
The duo continued trading the business and sold them to an independent third party, County Durham-based New County Road Surfacing UK.
Kelly Burton said: “We are pleased with this arrangement and feel it is the best outcome for all those involved.
“Panel Shop and S&B Hire were successful companies that unfortunately fell victim to the economic downturn and found it necessary to seek professional insolvency advice, like so many other small to medium businesses over recent months.”
Meanwhile, Chris White and John Russell, partners at The P&A Partnership, have saved around 70 jobs at Rotherham-based Sekure Europe, which provides security services to local authorities, schools and local businesses.
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.”
The company has been acquired by Independent Contractor Security of Chesterfield.
Ian Maycock, director of Charterfields, which was appointed by P&A to sell the business, said: “The operation had to be completed within a very short timescale and conducted in complete confidentiality.”