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OLCI Construction Training has gone into Administration

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Those of you with OLCI may be interested in the following announced today from the creditman website

 

Pre pack deal saves jobs and protects courses at OLCI Construction Training

 

May 6 2014

Allan Graham from KPMG Restructuring was appointed administrator of OLCI Construction Training on Tuesday 6th May.

 

Immediately on appointment,

the administrators sold the business to the group that includes Engineering Real Results Limited,

which will deliver the ongoing training to students.

 

 

All 77 employees transferred to the purchaser as part of the deal,

which will also ensure that studies are not disrupted for over 3,000 current students enrolled on courses.

 

OLCI Construction Training is a leading provider of plumbing, electrical, gas and green energy training, with 13 centres across the UK.

 

Allan Graham, administrator and restructuring partner at KPMG said:

 

“After suffering an extended period of financial losses,

OLCI was unable to meet its commitments to creditors and

in early April had a winding-up petition presented against it.

 

 

The directors took the decision that insolvency was unavoidable

and consulted KPMG to help find a solution that would best protect the interests of students, creditors and employees.

 

 

KPMG conducted an accelerated sales and marketing campaign

and the pre-pack sale secured ensures the best outcome for all parties.”

 

The business was sold for an undisclosed sum.

 

http://www.creditman.biz/uk/members/news-view.asp?newsviewID=19864

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