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JCP forced to call in the administrators
14th July 2005, Page 6
14th July 2005
Page 6
Page 6, 14th July 2005
— JCP forced to call in the administrators
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Keywords :
Finance, Auditing, Robson Rhodes, Management Buyout, J. G. Sandom, Mbo Language, Business / Finance
ALDRIDGE-BASED bodybuilder JCP has gone into administration. The company, which was subject to a management buy-out (MBO) 18 months ago, called in administrators RSM Robson Rhodes last week.
It had racked up "significant debts", according to Paul Sandom, a consultant appointed by Barings English Growth Fund, which financed the MBO.
JCP is still trading, says Sandom: -It has a strong order book and the administrators will be looking to sell the company as a going concern.
An advertisement appeared in the Financial Times on 12 July, offering the £15m turnover company for sale.