A failing air conditioning, ventilation and electrical company saved with help from Sheffield-based insolvency practitioner Wilson Field, is now trading securely less than four months after a take-over.
Leicester-based air conditioning and ventilation company Electrum Services Ltd was sold to one of the UK’s largest energy management led building services providers in a deal brokered by Wilson Field, saving 119 jobs and paving the way for a healthy future.
We retained 98 per cent of Electrum Services’ customers and are now two years into a five year business plan
Cambridgeshire-headquartered JCW Energy Services Ltd acquired the assets and goodwill of Electrum Services Ltd, based on Clarkes Road in Wigston. This followed the appointment last December of Robert Dymond and Joanne Wright, licensed insolvency practitioners with Wilson Field.
The original business was founded in 1903 and now operates as ElectrumFM within the JCW Energy Services portfolio.
Kurt Hedgley, managing director of JCW Energy Services Ltd, said: “We had been looking to do some work with Electrum Services so it wasn’t difficult for us to see the synergies between the companies. We saw the opportunity to preserve the business and to grow our own capacity so registered an interest.
“We were given a time frame of just three days to put a bid in for Electrum Services so that we could take over its trading assets. The bid was accepted quickly and the deal went through.
“We retained 98 per cent of Electrum Services’ customers and are now two years into a five year business plan for the group companies, focusing on sharpening our operations across the board.
“This has resulted in an increase of quoting staff, a new fleet of vehicles and increased helpdesk support to ensure that we deliver a seamless service.”
All Electrum Services’ employees were transferred into the new business and continue to provide the same mobile engineering services from the operation HQ in Wigston, boosting JCW’s service capacity.
ElectrumFM now delivers all existing services and manages all legacy Electrum Services contracts for its retail, commercial, industrial, leisure and domestic premises’ customers with the same engineers as prior to the acquisition.
JCW say the Electrum employees are supported by the same management and administrative team, however service industry experts have also been added to the team.
Arrangements for the sale of Electrum Services’ business and assets were negotiated with the purchaser by Wilson Field.
Robert Dymond said “Whilst it is always sad to see an established business run into difficulties, it is good to see the business transfer into the safe hands of a reputable company and to see that business then flourish under new circumstances. The transaction was instrumental in saving the jobs of so many employees some of whom had more than 20 years association with the business.
The acquisition now means JCW Energy Services is responsible for maintaining a total of approximately 6000 sites nationwide, employing 200 staff, with a turnover of around £16m per annum.
JCW Energy Services delivers installation, maintenance and energy management services to blue chip commercial customers, with particular expertise in the science, education and retail sectors.
Clients include G4S, Bristol University, Warwick University, Nationwide Building Society, Royal Society of Chemistry, N Power, Kingston Hospital, the MoD and BBC.