The receiver of fit-out group Curzon Holdings has sold the group's maintenance subsidiary TCL Granby to contractor Crispin & Borst.
Receiver Ernst & Young completed the deal last Friday, just 10 days after Curzon went into administrative receivership. TCL Granby and sister firm Task Systems have continued to trade despite the failure of Curzon's interiors division.
It is not known how much Crispin & Borst spent on the deal, but TCL Granby's turnover is roughly £20m and it employs about 150 staff. Terry Dunne, TCL Granby managing director, said: "This is fantastic for us. They first came in and looked at us the Friday before [10 March] and completed the deal quickly. All the staff are pleased and we are cracking on."
Dunne will now become a divisional managing director of Crispin & Borst, and said he expected TCL to run as a standalone business.
Crispin & Borst is a subsidiary of the French company Vinci, which is the biggest contractor in Europe.
This is fantastic for us. The staff are pleased and we’re cracking on
Terry Dunne, managing director, TCL Granby
Task Systems is negotiating a management buyout, but Ernst & Young would not say how close this was to completion.
The receiver has tried to novate a string of Curzon's contracts to other fit-out firms. However, in a notice to subcontractors and suppliers on the Curzon website last Friday, the receiver warned that it had been unable to transfer any contracts so far and that a liquidator was likely to be appointed within four weeks.
Ernst & Young made a further nine Curzon employees redundant last week, leaving in position 19 of the original 114 staff.