Monday September 28, 2020
We are pleased to have completed the sale of security systems business Onwatch Multifire through a pre-pack administration in two concurrent transactions.
Onwatch Multifire designs, integrates and installs safety and security systems, and provides CCTV monitoring and maintenance services out of their Cat2 BS5979 BS8418 hub. They also provide fire protection systems through its fire alarm division Multifire Maintenance services.
Tony Wright and Philip Armstrong from our Restructuring Advisory team were appointed as Joint Administrators to the company (OM Realisations 2020 Limited). On appointment, the business’ two trading divisions were immediately sold and all employees transferred.
The security division was sold to the company’s Directors Peter Gould and Chris Cunningham and will continue to operate under the Onwatch (UK) brand, out of the business’ sites in Sunderland and Crowborough, East Sussex. It will continue to employ 38 staff.
The fire services division was acquired by one of the UK’s leading national fire and security businesses, Churches Fire Security Ltd. Twenty staff will transfer to the purchaser and will operate out of its UK-wide office network.
Tony Wright, Joint Administrator and Partner at FRP, said: “These concurrent transactions provide a sustainable future and platform to grow for both Onwatch UK and the team at Multifire Maintenance Services – two businesses that provide critical services. Even amidst the ongoing economic challenges and disruption, the deals show that quality businesses can still attract investment. We wish Onwatch all the best as an independent business, and Multifire Maintenance services as part of a major UK fire services group.”
Pete Gould, MD at Onwatch (UK) Ltd, said: “It has been a challenging six months but we are pleased to have completed our MBO. The retention of our security employees and longstanding customers to maintain a stable workplace and continue to provide a high-quality service was uppermost in our plans going forward.”
Charlie Haynes, CEO at Churches Fire, said: “At Churches Fire we are extremely proud to take ownership of Multifire Maintenance Services. Both of our companies share the same customer-focused values, working to regulated British Standards and supplying businesses with the highest quality fire safety services.”