Richard Keley and Michael Solomons of BM Advisory LLP, Joint Administrators of Kent-based Margolis Business Systems Limited, have successfully concluded a sale of the Company’s business and assets to Margolis Group Limited.
Margolis Business Systems Limited (“MBS” or the “Company”) commenced trading in June 1996, originally as a photocopier sales and service business although, in recent years, it also diversified into electronic document and data management systems software. The Company, based in Orpington, Kent, had an average annual turnover of £1.7 million and employed 11 members of staff.
Due to financial pressures brought about by a leveraged Management Buy Out and the recession, the company sought insolvency advice from Beavis Morgan partner business, BM Advisory, the specialist restructuring, recovery and insolvency firm. Following a 5-week independent marketing process, Richard Keley and Michael Solomons of BM Advisory were appointed Joint Administrators of MBS on 20 June 2017.
Immediately following their appointment, they completed a sale of the business and assets of the Company to Margolis Group Limited, a new UK registered company set up by MBS’ managing director and shareholder, Richard Shaw.
In keeping with best practice, the proposed sale was reviewed and approved by the Pre Pack Pool prior to the sale which was in the best interests of creditors.
Richard Keley comments: “We are delighted to conclude a successful sale of the MBS business and assets to Margolis Group Limited, maximising the position for creditors. The sale preserves the jobs of all 11 employees and ensures continuity of service for the Company’s loyal customer base”.
Richard Shaw, Managing Director of Margolis Group Limited, adds: “After a successful management and board restructure to reflect the current and future plans of the company, we are pleased to announce that Margolis Group is in a position to expand our operation to a wider audience in the UK and across Europe.
“Through the integration of specialised software we are able to increase uptimes for our customers on the copy/print side and, together with our newly integrated technical support team to further enhance our document management and workflow solutions, we are able provide a higher level of service for all our existing and new customers.”
The team at BM Advisory offers extensive experience in providing restructuring and refinancing advice across a range of industry sectors.
If you consider you or a client could benefit from a meeting with them to explore the options available, please contact a member of the BM Advisory team or your usual Beavis Morgan Partner.
For more information about BM Advisory visit www.bm-advisory.com