Phoenix Employment bought out of administration
Birmingham-based Phoenix Employment Services has been bought out of administration by outsourced solutions provider Servoca. London-based Servoca made the acquisition for a cash consideration of £990,000.
The total cash sum paid comprises £780,000 relating to the debtor book and £170,000 for goodwill. The remaining £40,000 is in respect of the business, trade and other aspects of Phoenix.
Phoenix provides outsourcing and recruitment services for the domiciliary care and nursing markets. The company’s main clients are the NHS, Primary Care Trusts and private care providers.
Andy Church, chief executive of Servoca, said: “We are delighted to have completed our first acquisition since the refinancing of the group in 2009.
"The acquisition of Phoenix will allow Servoca to provide wider nursing and domiciliary care services to an expanding client base and markedly increase our presence in domiciliary care, which continues to show strong demand.”
In the year to 31 July 2009 Phoenix reported an audited profit before tax of approximately £100,000 on audited turnover of approximately £5.2m.
Christopher Kim Rayment and Joanne Marie Wright, of law firm BDO, were appointed administrators of Phoenix on 12 August.
FinnCap advised Servoca on the deal.
