Administrators achieve sale of Tolent industrials business

Administrators achieve sale of Tolent industrials business

The joint administrators of Tolent plc have confirmed that they have concluded a sale of assets which will allow BRIMS, a provider of building and construction services, to resume servicing the customers of the Tolent industrials business.

The sale includes property in Teesside and equipment and assets.

James Lumb and Howard Smith from Interpath Advisory were appointed Joint Administrators to Tolent plc and five of its operating subsidiaries on 13 February 2023.

James Lumb, Managing Director at Interpath Advisory and Joint Administrator, said: “We can confirm an agreement has been reached which will allow trade to resume from the site in Stockton-on-Tees.”

“We know the construction sector is enduring a difficult month, particularly in the North East, where the effect of the Tolent and other administrations in the region is putting significant pressure on already stretched cash flows in the supply chain.”

“So this sale is really welcome news and provides opportunities for re-employment for those members of staff who worked for this part of the Tolent business, and who were made redundant when the companies entered into administration. We are continuing to explore the possibility for sales of the remaining businesses and assets in the Tolent group.”

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