Tuesday February 14, 2023
Almost 2,000 jobs have been saved following the sale out of administration of facilities management businesses, Ecoserv Group Limited, Ecoserv Cleaning Limited and Ecoserv Technical Services Limited (“the Companies” or “the Group”).
Ian Corfield and Simon Stibbons, Partners at FRP, were appointed as Joint Administrators over the Companies on 9 February 2023. On appointment, the Joint Administrators immediately secured a pre-pack sale of the Companies’ business and assets, as well as a sale of the shares in Ecoserv South Africa (PTY) LTD, to a vehicle owned by the former shareholders and Directors, named Ecoserv FM Group Limited.
For over 25 years the Group, based out of Oxfordshire’s Howbery Business Park, has provided cleaning services to private and public sector customers of all sizes across sectors including education, medical & healthcare, offices & commercial buildings, car dealerships, fitness & leisure, industrial, retail, and film & TV production.
FRP Partner, Ian Corfield said: “Having grown successfully for many years, the group has faced a heady combination of challenging trading conditions related to and since the pandemic, which was exacerbated by financial obligations arising from a franchisee in-housing strategy. That said, we’re delighted that this transaction has secured a fresh start for the business and its near 2,000 employees whom we wish the very best of luck for the future.”
The Joint Administrators were advised and supported by Osborne Clarke LLP and Ecoserv FM Group Limited was advised and supported by Stephenson Harwood LLP.