More than 160 jobs have been saved at London-based AAA Linen Supplies Limited, after the company entered administration on 2 March 2018.
Joint Administrators Ben Woolrych and Geoff Rowley, Partners in our Manchester and London offices, secured the pre-pack sale of the business and its assets to AAA Linen Limited, a business backed by the HLD group of companies, a private investment firm.
The new company, AAA Linen, will continue to trade from its existing site in West London, with all jobs transferring.
The business is a premium provider of linen and laundry services and supplies some of the most renowned establishments in London – including Michelin Star restaurants and exclusive hotels. It found itself in financial difficulty after suffering operational issues in the latter half of 2017, which disrupted service and negatively impacted cash flow.
Commenting on the transaction, Ben said: “HLD’s acquisition of AAA Linen Supplies saves a significant number of jobs and ensures the continuity of trade for customers.”
David Myles, Special Operations Director, at HLD, added: “We’re pleased to have acquired the business in a deal that saves all jobs and we’re looking forward to seeing the business improve and grow as we support management’s plan to deliver the best customer service for its clients. It is another example of HLD’s capabilities and ethos to support UK business.”
We were advised on the sale of the business by Bermans.
HLD was advised by Addleshaw Goddard LLP.
Banking facilities were provided by Secure Trust Bank.