The nationwide insolvency practitioners SFP has completed the sale of the assets of JD Security Management Services Limited, a security business specialising in manned guarding, event security and dog patrols.
SFP was appointed Administrators of the Dartford-based firm after the company went into administration having been impacted by squeeze on margins and an increasingly competitive market environment.
Established in 2012, JD Security Management Services Limited was first created after the business and assets of a previous family business were purchased following its liquidation.
Despite winning work and growing turnover annually, the company built up Crown arrears. Notwithstanding attempts by the directors to cut costs, the company was unable to service the mounting liabilities. After considering options, the directors engaged SFP to assist in placing the company into administration.
SFP’s Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on 10th March 2015. The assets of the business have been successfully sold to maximise realisations, and all 16 staff TUPE’d to the new business, protecting jobs.