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London nursery rescue plan leads to sale 5 December 2013

A Tooting-based charity-run nursery has been sold as part of a rescue plan to avoid entering administration.

MHA MacIntyre was called in to advise Mayfield Children’s Centre on the viability of continuing to trade the nursery and to discuss possible restructuring options.

A sale of Mayfield Children’s Centre was completed on 29 November.

The Tooting-based nursery provided full-time child care services and education to more than 45 children, and offered placements to NHS staff as part of an employment benefits scheme.

The restructuring and recovery team drafted a plan with directors, parents and service providers to continue running nursery until end of November while “exploring exit strategies”.

With the assistance of the parents, local community and support of the staff, the firm managed to source a purchaser for the business.

Paul Davis, restructuring partner at MHA MacIntyre Hudson, said: “It is a great success story for an organisation that was struggling financially and felt as though it may not be able to continue trading.

“Not only have staff jobs been saved but children’s places at the nursery have been saved and this essential service will continue to be available in an area where there is a shortage of facilities of this kind.”

 

 

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