Going concern business sales of Vantis plc

 

TIDMVTS 
 
RNS Number : 6422O 
Vantis PLC 
01 July 2010 
 

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| For Immediate Release            |                      1 July 2010 | 
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                                   Vantis plc 
 
                   Going concern business sales of Vantis plc 
 
·     Multiple business sales of the UK accounting, tax and business recovery 
and advisory group, securing jobs for approximately 900 employees 
·     Business as usual for all clients of BRS, BATS and VFM 
 
July 1, 2010 - Vantis plc, a UK accounting, tax and business recovery and 
advisory group, has disposed of its key businesses, Business Recovery Services 
("BRS"), Business Advisory and Tax Services ("BATS") and Vantis Financial 
Management ("VFM") in a series of asset disposals.  The sales represent 
predominantly all of the business operations of Vantis and its subsidiaries and 
comprised: 
 
·     A sale of BRS offices in London, Hornchurch, Birmingham, Manchester, 
Leicester, North East, St Albans and Worthing to a newly formed partnership, FRP 
Advisory LLP, comprising BRS partners; 
·     A sale of VFM, together with the BATS locations at London West End, Epsom 
and Leicester and the BRS office in Marlow to RSM Tenon; 
·     Separate sales of the BATS locations at Loughton, St Albans, Sidcup, North 
East, Beaconsfield and London City to partners in those locations; and 
·     Disposals of several small non core parts of the Group, including Pass 
Training and Specialist Tax. 
 
Vantis operated from 16 locations across the UK.  The Group focused on 
owner-managed businesses, generating revenue in excess of GBP90m in 2009. 
 
On 3 June 2010 the Board of Vantis plc announced that it was reviewing a number 
of alternative courses of action in order to reduce the Company's level of debt. 
 On 14 June 2010 the Board further announced it was suspending its shares given 
that it could no longer be certain that it could continue to trade on a going 
concern basis, although discussion with potential acquirers and investors 
continued. 
 
Ultimately, the Board of Vantis plc was unable to complete a solvent 
restructuring of the company and Vantis plc and certain subsidiaries were placed 
into administration.  Chad Griffin and Simon Granger of FTI Consulting were 
appointed as Joint Administrators and, shortly following the administration, 
executed the disposals of BRS, BATS and VFM. 
 
These disposals follow an M&A process by the Company and a series of discussions 
with various potential investors.  The Administrators concluded that the sales 
provided the best available outcome for stakeholders, preserving the most jobs 
and maximising recoveries to creditors. 
 
FOR FURTHER INFORMATION: 
Fergus Wheeler/Louisa Feltes 
[phone]/[phone] 
Further information for shareholders relating to the administration will shortly 
be made available on www.vantisplc.com. 
 
About FTI Consulting 
FTI Consulting, Inc. is a global business advisory firm dedicated to helping 
organizations protect and enhance enterprise value in an increasingly complex 
legal, regulatory and economic environment. With more than 3,400 employees 
located in most major business centers in the world, we work closely with 
clients every day to anticipate, illuminate, and overcome complex business 
challenges in areas such as investigations, litigation, mergers and 
acquisitions, regulatory issues, reputation management and restructuring. More 
information can be found at www.fticonsulting.co.uk. 
 
The affairs, business and property of the Company are being managed by the Joint 
Administrators. 
The Joint Administrators act as agents of the Company and without personal 
liability 
 
The Association of Chartered Certified Accountants authorises S Granger and the 
Institute of Chartered Accountants in England and Wales authorises C Griffin to 
act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 
1986 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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