United Kingdom

Details

  • Service: Advisory, Transactions & Restructuring, Restructuring
  • Type: Press release
  • Date: 06/05/2014

Pre pack deal saves jobs and protects courses  

Allan Graham from KPMG Restructuring was appointed administrator of OLCI Construction Training on Tuesday 6th May.

Immediately on appointment, the administrators sold the business to the group that includes Engineering Real Results Limited, which will deliver the ongoing training to students. All 77 employees transferred to the purchaser as part of the deal, which will also ensure that studies are not disrupted for over 3,000 current students enrolled on courses.

 

OLCI Construction Training is a leading provider of plumbing, electrical, gas and green energy training, with 13 centres across the UK.

 

Allan Graham, administrator and restructuring partner at KPMG said:

 

“After suffering an extended period of financial losses, OLCI was unable to meet its commitments to creditors and in early April had a winding-up petition presented against it. The directors took the decision that insolvency was unavoidable and consulted KPMG to help find a solution that would best protect the interests of students, creditors and employees. KPMG conducted an accelerated sales and marketing campaign and the pre-pack sale secured ensures the best outcome for all parties.”

 

The business was sold for an undisclosed sum.

 

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Notes to editors:
The UK centres are based at: Birmingham, Bristol, Cardiff, Devon, Essex, Leeds, Livingston, Central London, Manchester, Merseyside, Newcastle, Nottingham


For press enquiries please contact
Zoe Sheppard PR Manager at KPMG: +44 (0)117 905 4337
zoe.sheppard@kpmg.co.uk

 


About KPMG
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

 

 

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