Simon Chandler and Scott Bevan of Mazars LLP were appointed as Joint Administrators of Key Forensic Services Limited on 30 January 2018.
Key Forensic Services Limited is a significant provider of forensic services to a number of police forces. The company turnover for the year to 31 March 2017 was £15.3m and it currently employs 261 staff members over its three trading sites: Coventry, Warrington and Norwich.
An agreement has been reached between the key stakeholders of the company to ensure a period of stability in the business. This will minimise the impact on the criminal justice system and ongoing cases, and help to protect evidence in live criminal cases.
The company is continuing to trade and no redundancies have been made. The Joint Administrators are in discussions with interested parties and seeking further offers for the business and assets of the company to enable a sale of the business as a going concern.
Simon Chandler, Mazars Head of Restructuring Services and Joint Administrator, said: “The Company had an underlying profitable business but suffered extreme pressure on its working capital whilst developing new markets and opportunities. The working capital issues have ultimately resulted in the need to appoint Joint Administrators despite the efforts of senior management to obtain further funding or a purchaser.
“I would like to thank the company’s stakeholders for their support in stabilising the business so that discussions can take place with interested parties to achieve a sale of the business and assets. A sale would preserve jobs and provide the best outcome for stakeholders and creditors.”
Mazars is an international, integrated and independent organisation, specialising in audit, accountancy, advisory, tax and legal services. As of January 1st, 2017, Mazars operates throughout the 79 countries that make up its integrated partnership. Mazars draws upon the expertise of 18,000 women and men led by 950 partners. We assist clients of all sizes, from SMEs to mid-caps and global players as well as start-ups and public organisations, at every stage of their development. In the UK, Mazars has approximately 140 partners and over 1,700 employees, and is ranked one of the top 10 firms nationally.
For all national news and expert commentary, visit our website at www.mazars.co.uk
News and our latest announcements are also published via the firm’s page on LinkedIn at www.linkedin.com/company/mazars-UK or you can follow us on Twitter: @Mazars_UK