Administrators appointed at Essex portable cabin hire company Welfare Cabins (UK) Ltd have sold the assets of the business to competitor Garic UK Ltd for an undisclosed sum.
Administrators appointed at Essex portable cabin hire company Welfare Cabins (UK) Ltd have sold the assets of the business to competitor Garic UK Ltd for an undisclosed sum.
Colchester-based Welfare Cabins made its workforce of 15 redundant and called in administrators from national insolvency and turnaround specialists SFP earlier this month.
“Prior to its failure, Welfare Cabins had an annual turnover in the region of �1.5 million,” said SFP partner Daniel Plant. “However, the onset of the current recession led to a significant downturn in trade and the company was unable to remain profitable and ceased trading.
“Since our appointment as administrators on November 2, our aim has been to ensure best value is achieved. As the company had previously dismissed all employees, we were working against the clock to maximise realisations. The timely sale of Welfare's assets to Garic was an extremely pleasing conclusion.”
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