A national heating and cooling engineering firm with nearly 100 years of history has been part-rescued after falling into administration, saving around 22 jobs.
Lindsey Group, which is based on Severalls Park in Colchester, entered Administration on Friday 21st December 2018 after experiencing financial difficulties.
Lee De’ath and Richard Toone of CVR Global LLP were appointed Joint Administrators of C.H. Lindsey & Son Limited along with its holding company and other subsidiaries, together forming the Lindsey Group.
CVR Global have managed to find a way forward for the firm’s maintenance division, which will continue to trade as Lindsey Group with around 22 members of the existing work force.
CVR Global Partner, Lee De’ath, said: “It is always disappointing to see a company with such a long history and reputation go into Administration, we are however pleased to advise that part of the business will continue and some 22 jobs have been saved.
“We will now be working to find the best solution for the realisation of the Group’s assets in order to maximise recoveries for creditors.”
Chris Lindsey, Managing Director of the Lindsey Group added: “The Board has worked tirelessly to find a solution to the current financial difficulties with a view to rescuing the business, however losses on large contracts and bad debts in recent years has meant the ongoing trading of the Group in its current form was not possible.
“I am however pleased to see that the maintenance division, as Lindsey Group, will continue to trade securing a significant number of jobs.
“Lindsey Group’s focus will now be on continuing to provide our high level of service to meet our customers’ maintenance needs, without any disruption, while also supporting staff affected by the Administration where we can.”