The business and assets of OSS Group Limited, the Knowsley-based collector, consolidator and processor of used lubricant oil and seller of processed fuel oil, have been sold to Hydrodec Group plc in a deal which was undertaken by a team from KPMG’s Restructuring and Corporate Finance practices in Manchester.
Brian Green and Paul Flint of KPMG’s North West Restructuring team were today appointed Joint Administrators of OSS Group Limited, along with a number of its subsidiary companies. The company’s head office is based in Knowsley, but it also trades from 11 other sites throughout the UK.
Following a period of marketing in the weeks prior to appointment, KPMG was able to secure an immediate sale of the business and its assets to Hydrodec Group, the cleantech industrial oil re-refining group.
The sale has successfully secured the ongoing employment of 185 employees, who have transferred across to Hydrodec.
Paul Flint, Restructuring Associate Partner at KPMG, said: “We have achieved an excellent outcome for creditors, employees and other stakeholders following an intense period of marketing the business which, together with our sector knowledge and experience, ensured a highly competitive process.”
Jonathan Boyers, Corporate Finance Partner for KPMG, added: “During the marketing process, it soon became apparent that the combination of Hydrodec’s technology and OSS’s access to used oil made them an excellent strategic fit. We’re particularly delighted that this deal will safeguard 185 jobs in the Knowsley area.”
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