Overview:
Exigen Group has successfully completed the sale of certain business and assets of CSG FM Limited, a West-Yorkshire-based facilities management and cleaning services company. The company entered Administration on 11 April 2022. Established in January 2019, CSG FM provided services to manufacturing, distribution, logistics, corporate, and public sector clients in the Midlands and North of England, achieving a turnover of around £10 million in its first year.
Financial Challenges:
The COVID-19 pandemic significantly reduced trading activity, causing loss of clients and turnover, and the accumulation of liabilities. When the company could not meet its debt obligations, David Kemp and Richard Hunt of Exigen Group were appointed administrators. Following a valuation, marketing of the business, and consideration of interest from various parties, a sale was completed on 14 April 2022. Fifteen office staff and 99 cleaning employees were transferred to the new company, with the remaining staff made redundant.
David Kemp said:
“While it is extremely regrettable that not all employees could be transferred to EEV Management, negotiations with the interested parties were undertaken to create the best possible outcome. We are confident this has been achieved in the very challenging circumstances.”
David added:
“Amongst other duties, we shall continue to assist those impacted by the Administration – staffing in particular, in making their claims to the Redundancy Payments Office.”
Outcome:
Exigen Group’s structured approach demonstrates how professional guidance in Administration can preserve jobs where possible, safeguard business value, and support employees through a difficult period.