Michelmores’ Banking, Restructuring and Insolvency team have acted for the administrators in a deal to save more than 30 jobs at an Exeter-based groundworks and highway maintenance business.
Michelmores’ Sacha Pickering acted for Michelle Weir of Lameys and Julie Palmer of Begbies Traynor who were appointed as joint administrators of three companies in the AC group, AC Landscape & Tree Works Limited, AC Garage Services and AC Training Limited.
The business was sold to a successor company through a pre-pack sale, with the majority of jobs being saved. Contracts for the provision of critical highways maintenance services on a national scale have also been successfully preserved.
Sacha Pickering, Partner in Michelmores Banking, Restructuring & Insolvency team said:
“We were delighted to be able to achieve a successful deal for the administrators and to be part of the process that enabled jobs to be safe-guarded. Deals like this are typically concluded on much tighter timescales than traditional business sales. Our experience in working to these timescales and excellent working relationship with the administrators enabled us to advise on the best strategy for the deal and to achieve a good outcome for all parties.”