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Jobs saved at Manchester firm with successful sale
Turnaround and restructuring specialists at Leonard Curtis have steered the successful sale of a Covid-struck Manchester shop front manufacturing and installation company, saving 44 jobs in the process.
Shop Front Group, based on Clayton Lane South, in Gorton, set up in 2010 as a manufacturer and installer of aluminium and glass shop fronts, roller shutters, but ran into difficulties following the introduction of Covid restrictions in 2020 and went into administration in July 2022.
After a short period of marketing Joint Administrators Mike Dillon and Hilary Pascoe from Leonard Curtis completed a sale of the business and assets to a connected firm, SFG Shopfrontgroup Limited, a company with common directors.
Mike Dillon commented: Shop Front Group were trading profitably until the restrictions took effect, but by June this year were suffering significant losses.
While the directors took steps to maintain their trading position by securing Government support loans, including CBILS, and deferring payments to HMRC, they struggled to do so and also fell behind in their obligations to critical suppliers.
As well as protecting jobs the sale has maximised realisations for creditors, mitigated creditor claims and seen the successful transfer of all 44 jobs to the new entity.
Warren Heathcote from SFG Shopfrontgroup Limited commented: We will continue to offer the same quick turnaround products as we have always done, serving our customers throughout the UK.
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.