pickfords

Removal and storage firm Pickfords has completed a pre-pack administration led by its existing management team.

Administrator BDO, which was appointed to the Wembley-based Moving Services Group UK on 23 November, sold the removal firm to recently incorporated Pickfords Move Management on the same day.

The two legal entities share the same directors in the form of Yogesh Mehta, Russell James Start and Timothy Paul Romer, who is also company secretary.

David Gilbert, BDO business restructuring partner, said: “This outcome preserves all 900 jobs and prevents the demise of a 400-year old household name.

“With this sale, the business can now move forward on a secure financial footing. Going forward, it will be business as usual at all sites, operating under the Pickfords name, and all contracts, moves and orders will be fulfilled.  No disruption at all is anticipated and clients will continue to receive the same high standards of Pickfords service.”

The removal company, which is the star of the Channel 5 series The Removal Men: Pickfords, has previously blamed a fall in house sales and subsequent drop in demand for removal services due to the recession for its troubles.

Its most recent published accounts prior to administration show a loss of £1.7m for the year ended 30 September 2011, despite a 2% increase in turnover to £69.8m (2010: £68.6m). The loss included a £705,000 exceptional item linked to redundancy payments and restructuring costs.

In 2008 Pickfords was sold by its American parent Sirva to Team Group. Team Group’s MD at the time of the deal was Yogesh Mehta.

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