Administrators have saved the jobs and contracts of a utilities specialist debt recovery firm in a prepack deal.
Andrew Duncan and Neil Bennett, directors at Leonard Curtis Business Solutions Group, were appointed joint administrators to Richburns in June this year.
Richburns, which provides debt recovery and metering services for the utilities market, was sold immediately in a prepack deal, following an accelerated M&A process, to turnaround specialist Essendon Capital.
Essendon Capital recognised the ongoing potential in the business and decided to back the incumbent management team in the process.
The deal, conducted by Leonard Curtis, preserves more than 45 jobs and the jobs of more than 70 independent field agents.
Essex-based Richburns has contracts with three leading gas and electricity suppliers for debt collection, including pre-disconnection visits and warrant executions.
Richburns manages the whole debt collection process for its clients and assists and advises electric and gas companies on issues with their metering services, including gas and electricity safety inspections and the tracing of gas and electricity supplies.
Essendon Capital provides turnaround financing, bridging and finance and other services to help solve business challenges in the SME marketplace.
Duncan said the deal has gone through with minimum disruption for Richburn’s customers.