Administrators from FRP Advisory have saved almost 130 jobs at a West Midlands-headquartered commercial vehicle business after negotiating a rescue deal.
Russell Cash and Jeremy French, partners at the specialist restructuring and advisory firm, were appointed as joint administrators of ATCL Realisations 2014 Ltd, on 21 October 2014.
The company, which traded as Aquila Truck Centres, failed following a recent deterioration in trading conditions. FRP sold the business and assets of Aquila to JE Motors of Tipton.
Aquila sells, services and maintains new and used commercial vehicles, in particular trucks. Its main franchise agreement was with MAN Trucks.
The sale to JE Motors mean the five operating sites in the West Midlands will remain open saving all 127 jobs.
The trading name of Aquila Truck Centres Ltd has transferred to the new business, with JE Motors changing its name with Companies House.
Aquila trades from five depots in Tipton, Tamworth, Worcester, Whitchurch and Telford. It recently ceased to operate from a sixth site in Aldridge.
FRP partner Russell Cash said: “I am delighted that we have been able to achieve a sale of the entire business as a going concern. The sale represents the best possible outcome for all involved.
“We wish the business, its staff and the new owners all the best for the future.”
Source: Insider Media – http://www.insidermedia.com/insider/midlands/127408-rescue-deal-truck-business-saves-127-jobs/