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Monday, 16 April 2012

Trent Concrete site in revival

We reported in September 2010 that Trent Concrete had gone into administrative receivership as a result of the recession but it now appears that jobs are returning to the site in Nottingham.  JRL, the London-based construction firm, has bought the 12.5 acre site that belonged to Trent Concrete in Colwick and is looking to start manufacturing there again.  This could lead to more than 300 jobs in the region.  JRL is a large construction company with a turnover of £150m in 2010 and has been buying up companies.  It is understood that the firm is interested in gaining a foothold in the Midlands. 

Obviously the purchase of the site (price not disclosed) from the receivers has helped pay back some of the creditors but in the end it is the generation of new jobs that will be helpful for the region. 
It goes to show that all is not lost if a business goes into administration and even closes down as there may well be willing buyers to take over the operations without being burdened by debt.  The purchase of companies out of insolvency is an essential element of a properly functioning economy.

3 comments :

  1. Quote "has helped pay back some of the creditors".

    This shows an abject misunderstanding of the process. As a creditor of Trent Concrete Ltd., I can tell you that not one penny piece will find its way past secured creditors or the administrator.

    This administration, in particular, has been marked by a complete lack of communication with the creditors - one advisory letter in 18 months!

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  2. Indeed "some" is the operative word. In most cases unsecured creditors receive no return in an administration. We specialise in CVAs where unsecured can get anything between 15-100p in the pound.

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  3. Hmmmm....jobs at minimum wage or be self-employed so they don't have to do PAYE or NI...yes, great result.

    ReplyDelete

Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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