FRP rescues registered charity from insolvency
Tuesday December 17, 2019
Teesside-based technical training provider TTE to continue operating thanks to deal secured by FRP’s Restructuring Advisory team
Our Restructuring Advisory team is pleased to have rescued the Teesside-based technical training provider TTE Technical Institute – a registered charity – from insolvency thanks to a deal agreed with Middlesbrough College.
TTE Technical Institute, which has premises in Middlesbrough and Peterlee, is a strategically important provider of apprenticeships for the North East of England, as well as a leading provider of technical training to the oil and gas, process, manufacturing and engineering sectors across the UK and internationally.
The business had run into financial difficulty, largely due to a significant deficit in its defined benefit pension scheme.
However, following the appointment of our Restructuring Partners Martyn Pullin and David Willis, along with Associate Director Iain Townsend, as Joint Administrators, the business, its assets, and the share capital of its subsidiaries were immediately sold to Middlesbrough College, enabling the business to continue operating as a going concern.
Commenting on the deal, Martyn Pullin said: “We’ve been working with the management team at TTE for a number of weeks to find a way forward for the business and have been liaising closely with the Pension Protection Fund and other key stakeholders during this time.
“We’re delighted to have secured a deal with Middlesbrough College which will ensure that TTE continues to provide vital training and apprenticeship programmes for the North East. We wish the team at Middlesbrough College and the management team at TTE every success for the future.”
We’re delighted to have secured a deal which will ensure that TTE continues to provide vital training and apprenticeship programmes for the North East.Martyn Pullin Restructuring Advisory