Our Restructuring and Insolvency team have completed a pre-packaged administration transaction of Magnum Utilities Ltd – In Administration - securing the survival of the business and jobs of all employees.
The team, comprising of Jasvir Jootla (partner), Emily Rust (associate), worked for the Administrators, Paul Berkovi and John Noon of Alvarez and Marsal and the existing management team to agree a sale of its smart metering services and electric vehicle charging solutions to the YU Energy group, enabling growth of the supply chain in domestic and commercial metering. The team was supported by the firm's wider insolvency experts in employment and TUPE (Hannah Swindle, Martin Chitty), specialist real estate (Phil Clissitt), IP (Zoe Pearman) and tax (Lee Nuttall).
Jasvir also advised the management team in the lead up to insolvency and the Restructing and Insolvency team supported management through the sale of assets in the company's installation and servicing of gas and electricity meters part of the business to Smart Choice Metering Limited. Sian Dewing and Gareth Baker also supported as did the firm's regulatory experts (Gus Wood) in relation to retail energy code accreditations.
The transactions have secured the jobs of all the workforce, including 80+ skilled engineer staff and key knowhow operational processes.
The team continue to advise the Alvarez & Marsal team as administrators.