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FRP Advisory secures sale of Capital Project Consultancy Limited

2 September 2011

Capital Project Consultancy Limited ("the Company"), which entered administration on 16 August 2011 with the appointment of Geoff Rowley and Phil Armstrong, partners at specialist restructuring, recovery and insolvency firm FRP Advisory LLP, has been bought in a pre-packaged management buy-out, saving 32 jobs. 

The business, which will now trade as CPC Project Services LLP, is a business consulting and project management provider to the public sector, with divisions specialising in transport & infrastructure and property & construction.  

During the past 18 months, public spending cuts and a reduction in the number of grants from Central Government led to a decline in demand for a number of the Company's services. This led to pressure upon the cash flow of the Company, while increased competition for public sector tenders forced several divisions to cut their profit margins to the extent that new contracts would be unprofitable. As a result the Company reduced its workforce from 90 to 32 through a series of redundancies over an 18-month period, prior to the appointment of Administrators. 

Commenting on the buy-out, Geoff Rowley said: "Public spending cuts had a direct impact on the liquidity of the Company, reducing both client demand for its services and the fees the Company could charge for them. However, demand in the transport & infrastructure and property & construction divisions remains strong. This, coupled with the firm's sound reputation, meant a sale offered the best outcome for all stakeholders. Following extensive marketing the existing management team were able to make the best offer for the business and the buy-out ensures the remaining talent of the firm is protected." 

Prior to entering administration the Company closed its offices in Manchester and Cardiff. Going forward CPC Project Services LLP will operate from offices in London and Glasgow. 

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