A £20m-turnover Norfolk company which provides heating, ventilation and air conditional services has been rescued out of administration.
Anglia Installations Maintenance Ltd was placed into administration on 12 June with the appointment of Andrew McTear and Chris Williams of Norwich-based business rescue and insolvency firm McTear Williams & Wood as joint administrators.
The company was incorporated in 2008 to provide its services primarily to customers in London and grew significantly to generate a turnover of £20m in 2016. However, the business suffered two large bad debts and the pressure on cashflow as a result of these, as well as significant losses, could not be sustained.
The business and assets have been sold to AIM Construction & Development Ltd, safeguarding all jobs and enabling the ongoing contracts to be completed.
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."
The financial terms of the deal were not disclosed.
22 June 2017