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FRP Advisory secures sale of Options Utility Services Ltd (in administration)

28 October 2011

Options Utility Services Ltd, the Maidenhead based civil engineering company, has been bought out of administration by the company's management team less than two weeks after the appointment of Phil Armstrong and Geoff Rowley, partners at specialist recovery, restructuring and insolvency firm FRP Advisory LLP, as Joint Administrators.

The deal, which secures the jobs of all permanent members of staff at the Maidenhead headquarters and in excess of 100 subcontractors in the South East, was reached today following a number of formal offers being made for the business. Options Utility Services Ltd (in administration) will now trade under the name Options Energy Services Ltd, under the directorship of John Flannery and Steve Wignall.

Commenting on the sale Joint Administrator Phil Armstrong said: "Having received a number of offers for the business, we determined that the proposal submitted from the incumbent management team represented the best way forward, both for the long-term sustainability of the business and securing the best value for stakeholders.

"As a result of this swift action the company has retained its client base of top tier utility organisations." 

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