Eight jobs have been saved after a heating and air conditioning firm was bought out of administration - but creditors could be left £4.7m out of pocket.
Anglia Installations Maintenance, based at West Bilney, near King's Lynn, called in insolvency specialists McTear Williams & Wood after it suffered two large debts and cashflow pressure. The firm, which primarily provided maintenance services to the London market, including heating, ventilation and air conditioning services, has been bought by AIM Construction & Development, a business run by the same directors.
The deal will save all eight jobs and enable the fulfilment of existing contracts, said administrators. Anglia Installations Maintenance achieve a turnover of £20m in 2016 and owed around £5m to creditors when it went into administration. McTear Williams & Wood said creditors were expected to receive a return of four to five pence in the pound.
Joint administrator Andrew McTear said: "We are pleased to be able to achieve the smooth transfer of the company's major contracts at a premium, which should enable a dividend to be paid to creditors."
22 June 2017