Two hundred jobs saved at Coventry company after management buyout

Elliot Group Holdings had run into cash flow problems earlier this month



More than 200 jobs have been saved at struggling Coventry-based commercial cleaning company Elliot Group Holdings following a deal that saw the existing management team take over.

Tyrone Courtman and Lee Brocklehurst, from Midlands-based restructuring specialists PKF Cooper Parry, were appointed joint administrators for the firm after it ran into cash flow problems earlier this month.

The company, in Torrington Avenue, will now continue to trade and retain around 200 employees after it was bought by its incumbent management.

PKF Cooper Parry were called in on August 10 following increasing pressures on the company’s working capital facility.

After conducting a review of the company’s financial position and future viability, PKF concluded the best way forward was to effect an immediate sale of the business to its existing management.

The restructuring specialist is now predicting a bright future for the firm in the wake of the takeover deal.

It described Elliot Group Holdings as a fast-emerging cleaning company with a growing reputation for providing cleaning and hygiene services.

PKF Cooper Parry’s Tyrone Courtman said:“It’s always a shame to see a business run into financial difficulties and the last thing anybody wants is to see 200 people out of work because of this.

“We worked hard to quickly put together a plan for Elliot Group Holdings and I’m satisfied that under its new ownership it will grow into a thriving business in the future.”

Elliot Group Holdings is a relatively new business, having been registered as a private limited company in May 2015.