Mercer & Hole preserve over 200 jobs in the run up to Christmas
Mercer & Hole secured creditors’ agreement to a Company Voluntary Arrangement (“CVA”) preserving over 200 jobs in the run up Christmas. The facilities management business, which had suffered cashflow constraints as a result of successive public sector cuts, was granted a life line after the successful formulation and negotiation of a CVA which was overwhelmingly approved by creditors at a meeting just days before Christmas. The directors are anxious to ensure that creditors should be repaid in full. Steve Smith, joint supervisor of the CVA commented, ‘in these difficult economic times it is admirable that the directors continue to be determined to repay all creditors in full. The CVA, with the support of over 98% of the Company’s creditors has preserved a significant number of jobs, which at this time of year will vastly improve many Christmases across the country’.
The further preservation of employment in December follows Mercer & Hole’s rescue of 53 security jobs at the same time last year.
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Date: 22nd December, 2016 |
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