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50 Jobs Saved In Sale of Local Security Business
Published on: 09 May 2008
Business recovery experts Portland has confirmed that 50 local jobs have been saved at security guarding services provider, Global Security Management Limited following its administration. Portland, one of the leading South Coast business recovery firms, has successfully sold the business as a going concern to a competitor.
Family-owned Global Security Management Limited, based in Worthing, West Sussex, provided security services such as static guarding, mobile patrols and key-holding services to clients including High Street brands such as The Body Shop, local authority and NHS Trust Hospitals. Problems for the firm started in 2006 when the company reported trading losses in its financial reports for both 2006 and 2007 and fell into arrears with HM Revenue and Customs on PAYE and VAT. Portland was consulted when protracted negotiations with HMRC regarding repayment broke down.
Through the administration process, Portland was able to negotiate the sale of the business to Elite Security Guarding Services Limited, a company based in Birmingham which is looking to expand.
Portland Director Steve Godwin commented: "I was both pleased and relieved to be able to conclude this sale. We succeeded in preserving all staff employment and providing continuity of service to customers without any disruption throughout the entire process."
A full recovery was provided for the company's bankers, and Portland is expecting a potential dividend return for unsecured creditors estimated at 20p in every pound.
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