Press Releases

September 2010

Jobs Saved As Milsted Langdon Sell Contract Cleaners

Around 150 jobs have been saved with the sale of a Midlands company by South West-based chartered accountants and insolvency practitioners Milsted Langdon following the firm’s appointment as administrators.

Simon Rowe, a partner at Milsted Langdon, sold Clockwork Services Limited in Redditch within 24 hours of being appointed administrator of the commercial contract cleaning company.

The sale, to Birmingham-based DRB Contract Cleaning Limited, means that around 150 jobs up and down the M5 corridor have been saved.

Clockwork Services had entered into a Company Voluntary Arrangement (CVA) with creditors on 1 March 2010 but at the beginning of September, directors realised that the company was about to breach a condition of the CVA and sought advice on the best way forward.

DRB Contract Cleaning was approached, as it had previously been interested in purchasing the company, and when it agreed to buy the trade and assets Clockwork Services was placed into administration and the sale completed shortly afterwards.

Simon Rowe said: “In a difficult economic climate, it is pleasing that we have played a part in a deal that has not only saved a substantial number of jobs but should see the secured creditor repaid in full and a return to Clockwork Services’ other creditors.”

David Bagley, Financial Director for the DRB Group, said: "This acquisition fits perfectly with our Group objectives and Clockwork has now been fully integrated into our Facilities Management Division. We are always on the look-out for opportunities of this type and Milsted Langdon were very professional in the way they managed this project.

“Saving 150 jobs is very important to us and we look forward to developing this business in into a highly successful and profitable organisation."

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