Immediately on appointment, the administrators sold the business to the group that includes Engineering Real Results Limited, which will deliver the ongoing training to students. All 77 employees transferred to the purchaser as part of the deal, which will also ensure that studies are not disrupted for over 3,000 current students enrolled on courses.
Allan Graham, administrator and restructuring partner at KPMG said:
“After suffering an extended period of financial losses, OLCI was unable to meet its commitments to creditors and in early April had a winding-up petition presented against it. The directors took the decision that insolvency was unavoidable and consulted KPMG to help find a solution that would best protect the interests of students, creditors and employees. KPMG conducted an accelerated sales and marketing campaign and the pre-pack sale secured ensures the best outcome for all parties.”
The business was sold for an undisclosed sum.
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