150 jobs saved through Clockwork sale
DRB Contract Cleaning, based in Birmingham, has bought Redditch-based cleaning company Clockwork Services out of administration.
South West-based accountant Milsted Langdon sold the firm within 24 hours of partner Simon Rowe being appointed administrator.
Milsted Langdon said that Clockwork Services’ sale to Birmingham-based DRB Contract Cleaning means that around 150 jobs up and down the M5 corridor have been saved.
Clockwork Services had entered into a Company Voluntary Arrangement 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.”
