The air control systems company, Four Seasons Control Holdings Limited, has been rescued out of administration by an ‘unnamed party’. A large part of the business was sold, saving 111 jobs, while the remaining part had to be wound down by administrators.
Based in High Wycombe (with six other offices across the UK), the firm produces and installs air control systems. Directors appointed administrators from PwC after the company has struggled for a number of years to make profit because of a ‘high fixed cost base’.
The move has saved 111 out of 153 jobs, regrettably making a number of staff redundant after the administration process.
One of PwC’s joint administrators, Robert Moran said, ‘the directors decided that it was necessary to put certain entities into administration. I am pleased that we have been able to sell the majority of the businesses, preserving jobs and improving the creditors’ position. It is unfortunate that there have also been a number of redundancies as part of the process. I hope that the individual businesses will now stabilise and grow.’
Directors of companies can appoint administrators, under an insolvency practitioner's guidance. Unlike a CVA or liquidation, this can be done without a Court Order.
For a detailed guide on administration, click here.