Jobs saved following sale of Vanguard VML Group
Thursday August 8, 2019
Jobs saved at machine moving and installation specialists
31 jobs have been saved at machine moving and installation specialists Vanguard VML Group following a sale to private equity firm Oxygen Partners.
Partners Raj Mittal and Andrew Sheridan, were appointed as Joint Administrators of Vanguard (2001) Limited trading as Vanguard VML Group on 2 August 2019.
Vanguard VML Group specialises in the movement and installation of machines across the UK and overseas and operated from its four depots in Bridgend, West Bromwich, Gateshead and Doncaster. The business entered administration as a result of cashflow pressures and was subsequently purchased by Oxygen Partners, in a deal which resulted in all 31 jobs being saved. Its sites in West Bromwich and Gateshead will continue to trade, while its locations in Bridgend and Doncaster will be wound down.
Oxygen owners Mark Andrews and Steve Benger are delighted to be able to acquire such a well-established brand, with a highly skilled work-force respected in the sector for their quality of work and service. Steve Benger commented, “We are excited about the prospects for the new company and look forward to working with the team going forward.”
Commenting on the deal, Raj said: “We are delighted to have secured a deal which gives the business the support to continue to trade and service its customer base. The deal also ensures that jobs are secured across two of the key regions in which the business operates. We wish the team at Oxygen Partners and all the staff every success as they take the business forward.”
Managing Director, Mark Causier, commented: “It’s great to have new investors to take the business forward at such a good time for us in our market. The complementary skills of the legacy business together with Oxygen’s wider strategic and financial expertise provide a great platform for our new business.”