We have recently been involved in the recovery of a business in Bolton, UK. This project was typical of the valuation work we get involved in but in this case, it was especially satisfying to play our part in saving all 38 jobs that were at risk in the business.
The company, trading as Mercer Group was a successful multi-trade building firm that had grown from a plastering company started in 2004. The business expanded quickly with 400% growth recorded during the period between 2012 and 2013. The company relocated to larger offices in Bolton and continued to work in the public and private sectors with diverse projects spanning residential, educational, medical and commercial properties. Due to underpayments from clients the company was suffering financially, resulting in VAT and PAYE arrears and issues with HMRC.
Charterfields were instructed by administrators Wilson Field of Sheffield to value the business and assets of Mercer Brothers Ltd and D. Mercer and Sons Ltd, the businesses that traded as Mercer Group.
We have a relationship with Wilson Field built on a strong track record and high professional standards. In this case Wilson Field determined that Mercer Group needed a pre-packaged administration and at Charterfields we understand how insolvency works and our role in the process. We worked quickly to deliver valuations and market the company to ensure the best outcomes for the business and its people. We were very aware that jobs were at risk if the process was delayed.Ian Maycock
Charterfields produced a valuation report covering the business and buildings as well as other assets including a valuation for plant and machinery. We had to work efficiently and accurately, keeping our clients informed at every stage to ensure that the project was delivered on time.
Following the plant and machinery valuation our role was to market the asset sales as effectively as possible because Mercer Group was still trading and had orders to deliver for its clients. Mercer Projects Ltd bought the business and all 38 staff from across the group were transferred to the new company under the Transfer of Undertakings (Protection of Employment) regulations (TUPE).
If you would like more information about our business recovery services, you can contact Ian Maycock direct on:
Email – email@example.com
Phone – 0330 202 0116 Ext 2012
Charterfields is about the valuation, management and disposal of business assets, covering property as well as plant and machinery valuations on behalf of clients. We are based in London and Manchester and offer services to clients worldwide.
Our contracts span a wide range of activities and business needs, including oil and gas facilities, steel mills, engineering, airports, manufacturing and food production, hotels and listed buildings for insurance assessments. We also produce financial statement valuations for IFRS and GAAP, and business recovery actions to value, market and dispose of production, retail and consulting enterprises.
Charterfields business recovery services include:
- Plant and machinery valuation
- Buildings valuation
- Asset Disposal
- Business Valuation
- Business Brokerage
- Assets – Tangible and Intangible
- SIP16 Complimentary Reports
- Third Party Assets
- Inventory Analysis