A vehicle controlled by creditors of struggling UK property services group Erinaceous has acquired three of the company's businesses, the joint administrators have announced.
A vehicle controlled by creditors of struggling UK property services group Erinaceous has acquired three of the company's businesses, the joint administrators have announced.
Administrators Jim Tucker and Myles Halley of KPMG said in a statement that the sale of the Residential Management and Property Maintenance divisions was completed on Tuesday. The buyer was a company controlled by Erinaceous' banks. Erinaceous Insurance Services was sold last week.
Jim Tucker said: 'We have successfully managed to secure the future of these three strongly performing subsidiaries with little or no impact on employees or customers'.
The administrators said they have completed or are about to complete a further 15 separate sales across Erinaceous' other divisions.
Erinaceous called in the administrators last week after failing to reach a refinancing agreement with its creditors.
