Leonard Curtis Business Rescue and Recovery can confirm that MP Energy – the Preston-based plumbing, heating and air conditioning installation business – was placed into administration on 5th January 2018 with Mark Colman and John Titley appointed as joint administrators.
The business entered administration as a result of an unforeseen bad debt and the loss of a major contract which meant the company suffered a build-up of trade liabilities.
The directors made attempts to diversify the business’s activities, but they weren’t afforded enough time by creditors to do this. Legal action was threatened and appropriate steps were taken to preserve the business.
The company employed 25 staff from its Preston office.
The administrators concluded a pre-packaged sale of the business to a connected party after a period of marketing. This resulted in the transfer of all 25 employees to the new purchasing entity.
Leonard Curtis Business Rescue and Recovery is part of the Leonard Curtis Business Solutions Group (LCBSG).
Back to updates