Family-owned Global Security Management, based in Worthing, West Sussex, provided security services such as static guarding, mobile patrols and key-holding services to clients including high street brands such as The Body Shop, the local authority and NHS Trust Hospitals. Problems for the firm started in 2006 when the company reported trading losses in its financial reports for both 2006 and 2007 and fell into arrears with HM Revenue and Customs on PAYE and VAT. We were consulted when protracted negotiations with HMRC regarding repayment broke down.
Our director, Steve Godwin comments:
"I was both pleased and relieved to be able to conclude this sale. We succeeded in preserving all staff employment and providing continuity of service to customers without any disruption throughout the entire process."
A full recovery was provided for the company's bankers, and we are expecting a potential dividend return for unsecured creditors estimated at 20p in every pound.