Irwin Mitchell Provides Legal Advice On Deal Securing 195 Jobs
The restructuring team at Irwin Mitchell has provided legal advice to Smith & Williamson on the sale of Bishop’s Move to AGM Relocations Limited.
Bishop’s Move entered administration on 10 August, with Emma Thompson, Adam Stephens and Finbarr O’Connell of Smith & Williamson LLP, appointed as Joint Administrators.
The business and assets were sold immediately on appointment to the AGM Group, while the main trading and asset owning entities of the Bishop’s Move group have gone into administration. The rest of the group is being placed into an appropriate liquidation procedure.
Andrew Walker from Irwin Mitchell’s restructuring and insolvency team supported by Sophie McKelvey advised the joint administrators with legal advice on the deal, safeguarding all 195 jobs.
A family-run business trading for over 165 years, Bishop’s Move has more than 20 UK branches. It provides storage solutions and home/business and international removals, with a strong presence in Spain and Gibraltar.
Expert Opinion“We are pleased to have supported Smith & Williamson on the Bishop’s Move deal. The sale to AMG secures many jobs as part of a multifaceted restructuring of the business and in the current climate, represents a good news story for all concerned.” Andrew Walker - Partner
Emma Thompson, associate director at Smith & Williamson LLP and joint administrator of Bishops Move commented: “I am delighted that we have been able to successfully sell this long-standing removal and storage business to new owners so that the underlying business can continue and that staff will transfer over to AGM. This is a remarkable outcome in the circumstances we are currently living and working in.
“Unfortunately, the group has been trading unprofitably for the last three years and COVID- 19 has compounded the financial distress which it was facing. Following a restructure, the Bishop’s Move business now has an opportunity to excel under new owners. The pre-packaged business sale which we have put together will maximise the financial return to the creditors of the Bishop’s Move group.”
Adam Stephens, partner at Smith & Williamson LLP and joint administrator of Bishops Move commented: “We have been working closely with key pension stakeholders in the run up to the administration in order to ensure that they are willing to support our chosen pre-packaged sale solution for the business. We believe the business sale was in the best interests of the group’s pension creditors.”
Russell Start, managing director at AGM Group, commented: “We are all very excited about the prospect of aligning the Bishop’s Move brand into the AGM Group of companies. The synergies between our brands are very exciting, with their heritage and commitment to high quality customer service running throughout all the distinctive areas of the businesses.
“We look forward to welcoming Bishop’s Move to the AGM family as we continue to deliver great service and value to our customers, whatever their moving requirements!”
Read more about Irwin Mitchell's expertise in Restructuring.