KPMG sells construction training company in pre-pack deal
8 May 2014
Allan Graham from KPMG restructuring has been appointed administrator of OLCI Construction Training, a leading provider of plumbing, electrical, gas and green energy training, which has been sold via a pre-pack deal to another specialist training company for an undisclosed sum
8 May 2014
Graham, administrator and restructuring partner at KPMG, said that after suffering an extended period of financial losses, OLCI was unable to meet its commitments to creditors and in early April had a winding-up petition presented against it.
‘The directors took the decision that insolvency was unavoidable and consulted KPMG to help find a solution that would best protect the interests of students, creditors and employees. KPMG conducted an accelerated sales and marketing campaign and the pre-pack sale secured ensures the best outcome for all parties,’ said Graham.
The administrators have sold the business to the group that includes Engineering Real Results Ltd, which will deliver the ongoing training to some 3,000 students currently enrolled on courses at OLCI’s 13 centres across the UK. All 77 employees of the company have transferred to the purchaser as part of the deal.