Skip-It Containers Ltd have been rescued
Corporate recovery specialists Quantuma have stepped in to save 40 jobs at a family-run waste removal and skip hire business based in Newhaven.
The business of Skip-It Containers Ltd was rescued by administrators Carl Jackson and Paul Zalkin within 24 hours of their appointment on Tuesday 9 May.
Carl Jackson explained: “Skip-It Containers Ltd was based in Newhaven and serviced the East and West Sussex area.
“A primary cause of the company’s difficulties was a fire at its premises from which it struggled to recover. However, a fundamentally good business existed which was capable of being rescued.”
“Over the eight week period prior to administration the company’s directors undertook a comprehensive marketing exercise resulting in a number of offers being received for the business and assets.
“As administrators, we were able to accept the best offer and complete a sale shortly after our appointment, resulting in over 40 jobs being saved.”
Joint administrator Paul Zalkin added: “When contingency plans for a possible insolvency event were being reviewed by the company’s directors a going concern sale was considered essential in order to maximise the potential disposal value of the business.
“However, due to onerous environmental and health and safety requirements it became clear that a post-administration disposal process would not be feasible.
“The pre-administration sale and marketing exercise enabled a seamless transfer of the trade, assets and employees to a new company, Skip-It Containers and Recycling Limited, within 24 hours of the appointment of administrators.
“This is a great result for all concerned,” he said.
The business remains based at The Old Timber Yard, North Quay Road, Newhaven, and aims to recycle 97 per cent of waste collected, with zero per cent going to landfill.
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Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
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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.