Background

Sound is a speech therapy business, providing vital services in schools across London and Kent. Following insolvency proceedings of the Company’s funder, concerns arose regarding the Company’s solvency.

Action

FRP’s Restructuring Advisory team were engaged to advise on options, liaise with the Trustee and consider filing for Administration to enable the business to continue trading should the loan be called in. The team, led by Restructuring Advisory Partners, Richard Bloomfield and Ian Corfield carried out an options review and concluded that insolvency was likely before filing for Administration.

The team worked extensively to carry out an AMA process within a short timeframe, marketing the business and managing several offers from potential buyers. The most suitable buyer was chosen, and the team supported the business throughout the sale to ensure a smooth process.

Outcome

The team successfully sold the business and assets in a quick turnaround, saving 19 jobs and enabling the continuation of vital services for schools. Crucially, the sale was complete before the start of the new school term, ensuring a smooth transition and sparing pupils from any disruptions to the services they rely on