Going concern business sales of Vantis plc
01 Julho 2010 - 8:15AM
UK Regulatory
TIDMVTS
RNS Number : 6422O
Vantis PLC
01 July 2010
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| For Immediate Release | 1 July 2010 |
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Vantis plc
Going concern business sales of Vantis plc
· Multiple business sales of the UK accounting, tax and business recovery
and advisory group, securing jobs for approximately 900 employees
· Business as usual for all clients of BRS, BATS and VFM
July 1, 2010 - Vantis plc, a UK accounting, tax and business recovery and
advisory group, has disposed of its key businesses, Business Recovery Services
("BRS"), Business Advisory and Tax Services ("BATS") and Vantis Financial
Management ("VFM") in a series of asset disposals. The sales represent
predominantly all of the business operations of Vantis and its subsidiaries and
comprised:
· A sale of BRS offices in London, Hornchurch, Birmingham, Manchester,
Leicester, North East, St Albans and Worthing to a newly formed partnership, FRP
Advisory LLP, comprising BRS partners;
· A sale of VFM, together with the BATS locations at London West End, Epsom
and Leicester and the BRS office in Marlow to RSM Tenon;
· Separate sales of the BATS locations at Loughton, St Albans, Sidcup, North
East, Beaconsfield and London City to partners in those locations; and
· Disposals of several small non core parts of the Group, including Pass
Training and Specialist Tax.
Vantis operated from 16 locations across the UK. The Group focused on
owner-managed businesses, generating revenue in excess of GBP90m in 2009.
On 3 June 2010 the Board of Vantis plc announced that it was reviewing a number
of alternative courses of action in order to reduce the Company's level of debt.
On 14 June 2010 the Board further announced it was suspending its shares given
that it could no longer be certain that it could continue to trade on a going
concern basis, although discussion with potential acquirers and investors
continued.
Ultimately, the Board of Vantis plc was unable to complete a solvent
restructuring of the company and Vantis plc and certain subsidiaries were placed
into administration. Chad Griffin and Simon Granger of FTI Consulting were
appointed as Joint Administrators and, shortly following the administration,
executed the disposals of BRS, BATS and VFM.
These disposals follow an M&A process by the Company and a series of discussions
with various potential investors. The Administrators concluded that the sales
provided the best available outcome for stakeholders, preserving the most jobs
and maximising recoveries to creditors.
FOR FURTHER INFORMATION:
Fergus Wheeler/Louisa Feltes
+44 20 7 269 7259/+44 20 7 269 7108
Further information for shareholders relating to the administration will shortly
be made available on www.vantisplc.com.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping
organizations protect and enhance enterprise value in an increasingly complex
legal, regulatory and economic environment. With more than 3,400 employees
located in most major business centers in the world, we work closely with
clients every day to anticipate, illuminate, and overcome complex business
challenges in areas such as investigations, litigation, mergers and
acquisitions, regulatory issues, reputation management and restructuring. More
information can be found at www.fticonsulting.co.uk.
The affairs, business and property of the Company are being managed by the Joint
Administrators.
The Joint Administrators act as agents of the Company and without personal
liability
The Association of Chartered Certified Accountants authorises S Granger and the
Institute of Chartered Accountants in England and Wales authorises C Griffin to
act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act
1986
This information is provided by RNS
The company news service from the London Stock Exchange
END
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