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Frank Stone's Garage Limited sold
24 May 2012
FRP Advisory LLP confirms sale, safeguarding 9 jobs
Steve Stokes and Gerald Smith, of FRP Advisory LLP, the restructuring, recovery and insolvency specialists, were appointed Joint Administrators for Frank Stone’s Garage Limited, which was placed in to administration on 4 May 2012, have confirmed the successful sale of the business and assets on 18 May 2012, safeguarding the jobs of 9 employees at the firm.
Regrettably, eight redundancies were necessary prior to the sale to enable the business to be traded in administration whilst a purchaser was sought.
Steve Stokes, a director at FRP Advisory, said: “Following a thorough analysis of the best options for its business, it was found necessary to dramatically reduce costs and focus on the more profitable aspects of its operations in order to safeguard future trading. We are pleased to announce the sale of the Frank Stone’s Garage business to a Newco, established by the previous management, protecting the future of the business and the jobs of 9 employees.”
The company traded from a freehold premises in Hall Green, Birmingham, and specialised in MOT servicing and body shop repairs.
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