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22.01.2015

AFI acquires SAS assets

UK rental group AFI has acquired the assets and goodwill of Safe Access Solutions (SAS) following the appointment of a ‘restructuring practitioner’ this week- see: SAS looks at options.

AFI confirmed that the deal had taken place and issued the following statement: “We are pleased to announce that AFI has acquired the assets and goodwill of Wolverhampton-based Safe Access Solutions from its administrators, Duff & Phelps.”

“Safe Access Solutions’ will be integrated into our West Midlands operations. Acquiring the customer base of Safe Access Solutions gives us an excellent opportunity to further develop our activities in the West Midlands by gaining additional revenue through our existing infrastructure. Therefore, it’s important that Safe Access Solutions customers have a smooth transition to AFI.”

“This acquisition once again demonstrates how we have the financial strength to capitalise on opportunities as they arise.”

Duff & Phelps has now confirmed that it was been appointed as the administrators today, and can be contacted on UK number 0161 827 9000. Stephen Haggarty is handling the case.

Top-Service has stated that Mathew Headland of The P&A Partnership is offering Top Service members free representation at the creditors meeting, should one be convened. He can be contacted on 07711 898525 for further information.

Vertikal Comment

The way the administration has been handled will anger several companies within the UK access rental industry, given that SAS re-hired equipment widely and has not been paying its bills for some time. The fact that a sale was completed before they were informed of the appointment of an administrator will also be questioned.

The deal makes sense for AFI, while competitors in the region will probably be relieved to hear that it has gone this way, rather than an internal pre-pack deal with the existing owners.

Comments

Shifty

SAS came along, they thought they could take Pinewood and Shepperton Studios by storm, rubbing hands ...luvly jubbly.
Sorry it dosnt work like that, what goes around comes around, just hope SAS so called bosses have not been taken on

AFI .. good luck

Jan 23, 2015