Here is a summary of recent deals our Restructuring and Insolvency Team have acted on:
Sale of Craigielea Nursing Home
We recently acted on behalf of RMT Accountants in their capacity as administrators of Gateshead Dispensary Nursing Home (Craigielea) Limited (the registered charity that operated Craigielea Nursing Home in Low Fell). We dealt with the sale of the nursing home to Solehawk Limited (who already operate Kenton Manor and Kenton Hall care homes in Newcastle).
The appointment of the administrators and sale of the home came after several months of working with the trustees of the charity and RMT. We initially considered the charity’s options after a period of falling occupancy levels caused a significant decline in its revenues and, latterly, to find a suitable buyer for the business and assets and negotiate the terms of the sale on behalf of the administrators.
Despite difficulties in securing the necessary consents of various third parties including the landlord and the Homes and Communities Agency, the sale eventually completed, saving the jobs of 79 employees and ensuring continuity of care for the 54 residents that were residing at the home.
Sale of Fiume Ristorante and River Bar
We acted on behalf of Begbies Traynor in their capacity as the joint administrators of Popolo Leisure (Washington) Limited on the sale of the company’s business and assets trading as River Bar and Fiume Ristorante in Washington.
Sale of the business and assets of Re-Pet Limited (in Administration)
We were originally approached by Re-Pet to advise the directors of their duties and to provide strategic advice on future options for the business after it got into trading difficulties. We were then instructed to advise on the potential sale and to negotiate sale terms on behalf of Begbies Traynor who were appointed as the joint administrators of Re-Pet immediately prior to the sale.
Cecil M. Yuill Limited (in Administration)
We have recently been appointed to advise and assist the joint administrators of Cecil M. Yuill Limited, Baker Tilly. The administrators are continuing to trade the business whilst a buyer is sought on a going concern basis and we are instructed to advise the administrators in relation to their appointment and in connection with a potential sale of the business and assets.
For more information on our recent work please contact Andrew Cawkwell on 0191 211 7957.