Cleanzine: your weekly cleaning and hygiene industry newsletter 11th April 2024 Issue no. 1109
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Jobs secured as buyer found for commercial cleaning company
Almost 2,000 jobs have been saved following the sale, out of administration, of facilities management businesses, Ecoserv Group, Ecoserv Cleaning and Ecoserv Technical Services.
Ian Corfield and Simon Stibbons, partners at specialist business advisory firm FRP, were appointed as joint administrators over the companies last week on 9th February. On appointment, they immediately secured a pre-pack sale of the companies' business and assets, as well as a sale of the shares in Ecoserv South Africa (PTY), to a vehicle owned by the former shareholders and directors, named Ecoserv FM Group.
For over 25 years the Group, based out of Oxfordshire's Howbery Business Park, has provided cleaning services to private and public sector customers of all sizes across sectors including education, medical & healthcare, offices & commercial buildings, car dealerships, fitness & leisure, industrial, retail, and film & tv production.
"Having grown successfully for many years, the group has faced a heady combination of challenging trading conditions related to and since the pandemic, which was exacerbated by financial obligations arising from a franchisee in-housing strategy,” explains Ian Corfield. “That said, we're delighted that this transaction has secured a fresh start for the business and its near 2,000 employees whom we wish the very best of luck for the future."
The joint administrators were advised and supported by Osborne Clarke, while Ecoserv FM Group was advised and supported by Stephenson Harwood.
16th February 2023