Pickfords removal firm out of administration
Monday 03 December 2012
Pickfords - the 400-year-old removal company at the heart of a Channel 5 documentary series - has been bought out of administration, it emerged today.
The firm was immediately bought back by directors Yogesh Mehta and Timothy Romer under a new shell company called Pickfords Move Management in a move that preserves 900 jobs.
The company, which traces its roots back to the 17th century when the Pickfords of Adlington, Lancashire entered the wagon trade, was bought out of administration in 2008.
The firm, with its headquarters in Wembley, was previously owned by The Team Group, a private company with common directors from the new buy-out shell.
David Gilbert, business restructuring partner at administrator BDO, said: "With this sale, the business can now move forward on a secure financial footing.
"Going forward, it will be business as usual at all sites, operating under the Pickfords name, and all contracts, moves and orders will be fulfilled."
The pre-pack deal, which took place on November 23, comes as the housing market continues to endure sluggish growth with house moves still below historic averages.
Pre-pack administration deals are controversial because they allow parts or all of the business to be sold but its debts to be written off, meaning creditors lose most of their money.
But they also allow profitable parts of companies to survive and jobs to be saved.
A second series of The Removal Men started at the end of October, following Pickfords staff as they help 250,000 people a year move home within the UK and overseas.
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