Jobs saved at J&A Recovery Ltd
Corporate recovery specialist Quantuma has stepped in to save four jobs at a commercial vehicle rescue firm in Middlesex.
J&A Recovery Ltd, which recovers lorries, coaches and similar vehicles in the west London area near Heathrow Airport, was rescued by administrators Sean Bucknall and Andrew Watling within 24 hours of their appointment on Friday 9 June.
Sean Bucknall explained: “J&A Recovery had cashflow problems but was a fundamentally good business which was capable of being rescued.
“Prior to administration, the company’s directors had proposed a CVA [company voluntary administration] but this failed to generate the sufficient level of support. We then had to consider alternative options. We were able to accept the best offer for the business and assets and complete a sale shortly after our appointment as Joint Administrators, resulting in four jobs being saved.”
Joint administrator Andrew Watling added: “A going concern sale was considered essential in order to maximise the potential disposal value of the business.”
This enabled a seamless transfer of the trade, assets and employees to a new company, J&A Rescue & Recovery Limited Ltd, within 24 hours of the appointment of administrators.
“This is a great result for all concerned.”
The business, which had revenues of more than £600,000 in 2016, has its registered offices in Hampton, Middlesex.
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For more information, contact:
Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678
Andy Skinner, Managing Director, ASAP PR – 07990 978257
Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Bristol and Manchester.