Jobs saved after KPMG ties up rescue deal
Thu, 9th October 2014

Jobs saved after KPMG ties up rescue deal

By Laurence Kilgannon, Assistant Digital News Editor

Administrators from KPMG have secured the sale of part of a Gildersome-based specialist supplier of electrical generators in a deal which saved 22 jobs. But employees have also been made redundant as a result of the administration of Progress Plant (Yorkshire) Ltd.

Howard Smith and Jonny Marston from KPMG have sold the service, repairs and uninterruptible power supply (UPS) divisions of Progress to Brimlow Ltd, which trades as PowerPlant Services (PPS).

Progress is a specialist supplier of electrical generators, generator hire, service and parts, temporary electrics and uninterruptible power supplies.

The joint administrators were appointed to the business on 24 September 2014 after it was unable to meet its financial obligations following working capital pressures.

PPS, which is headquartered in Leeds, provides industrial maintenance and servicing for generators and pumps across the UK. PPS has acquired the service and repair division and the UPS offering of Progress, as well as taking occupation of its three key trading sites in Gildersome, Leeds; Biggleswade, Bedfordshire and Larbert, Falkirk.

As part of the deal, 22 employees will transfer to PPS, while three employees from the contracts business have been made redundant and three employees have been retained in Progress to assist the administrators.

A total of 40 members of staff have been made redundant since the appointment. Progress' operations in the remainder of its sites will be wound down by the joint administrators.

Howard Smith, associate restructuring partner at KPMG, said: "Since our appointment, we have worked quickly to identify a buyer for Progress. The sale of the business to PPS will maintain operations at Progress' major sites and help to secure a number of jobs in their local areas."

category Yorkshire  |  source Insider Media