Baines & Ernst saves Suprema Concepts Limited from Compulsory Liquidation, and 19 Jobs in the Process
Baines & Ernst Corporate Limited were approached for advice by Suprema Concepts Limitedís Director, Mrs Caroline Peebles Brown.† Suprema Concepts Limited were under increasing pressure from HM Revenue & Customs over an historic debt relating to when the business was purchased by Mrs Peebles Brown in 2008.
HMRC were about to issue a Winding-Up Petition for Suprema Concepts Limited to go into Compulsory Liquidation, with a likely closure of the factory and the loss of 19 jobs.
On advice from Imogen Davidson, Insolvency Practitioner and Director at Baines & Ernst Corporate, Mrs Peebles Brown chose to put Suprema Concepts Limited into Administration to protect it from action by HMRC while a rescue plan could be formulated.
The company went into Administration on 27 January 2012, with Imogen Davidson appointed as Administrator.
Suprema Concepts Limited was working on a number of high profile contracts at the point of entering Administration and these were continued with no interruption to service.† In tandem with a short period of successful trading, the business was marketed for sale on a confidential basis, with a number of potential investors expressing interest.† A sale of the business and assets of Suprema Concepts Limited was completed on Friday 3 February 2012 to Class Creations Limited, an existing company owned and managed by Mrs Peebles Brown.
All 19 staff were transferred to the purchaser on 3 February 2012, with no redundancies.
The staff and directors worked with the Administrator, Imogen Davidson, to achieve a very successful outcome.† The business is continuing to provide the same high quality service it has always maintained.† It is also likely that creditors may receive a dividend of up to 30p/£ once the companyís debtors are realised.
Mrs Davidson commented: ďIt is a successful outcome for all when Administration works to save a business and protect staff jobs.† Customers were supportive of the Administration and are continuing to work with the purchaser.† When you compare the result to a Compulsory Liquidation, with the likely loss of all staff jobs and a nil return to creditors, it is clear the right decisions were madeĒ.
Baines and Ernst Corporate Ltd is part of the Paymex Group of companies and specialises in providing businesses of all sizes with bespoke, transparent advice and implementation of insolvency and tax solutions. Visit www.becorporate.co.uk for more information.
- Contact Information
- Imogen Davidson
- Director - Insolvency Practitioner
- Baines & Ernst Corporate
- (44) 0844 704 8907
- Contact via E-mail
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