Over 100 jobs saved as geo-technical business is bought out of administration
Over 100 jobs were saved as a geo-technical business Itmsoil was bought out of administration, following a few months of financial difficulties that brought it to the brink of closure, a news report in the local business media has revealed.
The Itmsoil Group was headquartered in Uckfield, East Sussex, with its main area of expertise being the design, manufacture and installation of specialist geo-technical and structural monitoring instrumentation in the construction industry.
The group had a £25m turnover last year and comprises a number of operational subsidiaries, both UK and internationally, employing in excess of 100 staff in the UK.
As mentioned above, the group ran into financial difficulties in late 2013, predominantly as a consequence of contractual disputes and the subsequent withholding of revenues by clients in respect of major infrastructure contracts.
While seeking to negotiate settlements in respect of these disputes, the group engaged Begbies Traynor to assist with a restructure of the financial position while seeking a sale of the business and assets as a going concern.
Unfortunately, last month, the financial position of the group became "untenable" following the presentation of winding-up petitions against two of the companies, and Itmsoil was forced into administration.
Highfield Glen and Trinity Fisher purchased the business and assets of the group and the companies, with an effective date of completion of 21 January 2014, the sale preserving 115 jobs.
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