Opus saves 54 jobs after securing rescue deal for national car servicing business

Opus, the London business advisory, restructuring and insolvency practice, has saved 54 jobs and preserved the operations of all nine trading units for Concorde Tyre & Exhausts Ltd.

This was achieved after Opus secured a rescue deal with a competitor looking to expand its business.

With an annual turnover of around £7m, Concorde Tyre & Exhausts Ltd initially sought inward investment, but it became clear that whilst the underlying business was sound, a formal restructuring of its affairs would be required.

As a result, a going concern sale was considered as the most appropriate way to market the business and assets.

Following a marketing campaign, the business and its assets were sold to IN’n’OUT in a rescue deal completed following its administration.

Steve Parker, partner at Opus, said: “We were engaged to support the application for administration and the sale of the business and assets. An immediate sale was critical to protect the 54 employees’ jobs at Concorde Tyre & Exhausts.

“A swift response and management of the sale process was successfully delivered by the Opus team in under 2 weeks, securing the best outcome for all parties., for which we are extremely delighted.”

The speed at which the sale completed limited the loss of customers and goodwill as well as reducing the risk of staff leaving. This allowed the company to continue operations following the administration.

Godric Walker, chairman of IN’n’OUT, added: “As part of our roll-out strategy, we are always on the lookout for viable companies to acquire to support the substantial growth plans that we have for the business.

“Concorde Tyre & Exhaust has multiple sites nationally which are complementary to our current locations. This acquisition fully supports the plans for IN’n’OUT and it’s a deal we are delighted to have secured.’ IN’n’OUT will own and operate 30 MOT and Car Servicing centres nationwide.”