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More than 350 jobs across the Channel Islands have been safeguarded following the successful sales of two companies forming part of the collapsed Garenne Group, it has been confirmed.
Stone specialists Granite Le Pelley - which has 24 staff in Jersey and 17 in Guernsey - and building services firm Amalgamated Facilities Management (AFM) – which has 150 Jersey workers and 170 in Guernsey - will continue to trade as new, independent entities.
AFM and Granite Le Pelley Guernsey have been acquired by their respective management teams while Granite Le Pelley Jersey has been sold to a locally based investor.
Not all former Garenne Group companies have fared so well, however – Rabeys Commercial Vehicles in both Jersey and Guernsey has stopped trading, with most staff being made redundant.
Rabeys employed 22 people in Jersey and 27 people in Guernsey.
Pictured: Commercial vehicle hire firm Rabeys has not been rescued, putting 22 jobs at risk.
On the successful sale of AFM and Granite Le Pelley, the joint-liquidators said: “Following the liquidation of Garenne Construction Group Limited, [we] rapidly explored whether sales of its subsidiaries could be secured to preserve value for the creditors of Garenne.
“Consequently, successful share sales have been achieved for AFM in the Channel Islands, Granite Le Pelley in Guernsey and Granite Le Pelley in Jersey, generating value while also protecting the businesses and providing ongoing employment.
Geoff Jacobs from one of the liquidators, Interpath, said: “We are delighted to have completed these transactions which have generated value which would otherwise not have been achieved, and ultimately, which have secured the future of these well-established businesses.
“To have delivered these complex transactions, in a short timeframe and against such a challenging backdrop, is testament to the extensive work undertaken by the liquidators team, the management teams and many stakeholders who invested significant time and effort to achieve such a positive outcome.”
Pictured: The new owner of Granite Le Pelley Jersey, Stuart Wright, with Managing Director Pascal Maurice.
Linda Johnson, partner at KPMG, the other liquidator, added: “We are particularly pleased that these transactions will safeguard the jobs of over 350 people in Guernsey and Jersey, following a period of immense uncertainty, which is an outcome that is particularly important for our communities.
“I would like to thank everyone involved in achieving this excellent result and wish the respective management teams and the employees all the very best for the future.”
Concerning Rabeys, any individual or party with leases should contact the liquidation team at Interpath by emailing connor.griffin@interpathadvisory.com or liuhonggu.chen@interpathadvisory.com.
Garenne Group firm Camerons collapsed at the end of February, with all of its 45 staff being made redundant.
A financial ‘statement of affairs’ given to creditors by Camerons’ directors showed that it is unlikely that any sub-contractors and suppliers owed money will be paid – despite the contractor having £5.7 million on its books.
Imminent management buyout at AFM
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