KPMG sells Rapid Climate Control division to A-Plant

KPMG sells Rapid Climate Control division to A-Plant

The business and assets of the hire & sale division of Rapid Climate Control (“Rapid”) have been sold to Ashtead Plant Hire Company Limited (“A-Plant”).

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The business and assets of the hire & sale division of Rapid Climate Control (“Rapid”) have been sold to Ashtead Plant Hire Company Limited (“A-Plant”).

Neil Gostelow and William Wright, insolvency practitioners at KPMG, have been appointed Joint Administrators of Rapid Climate Control Limited on Monday 18th January 2016. Rapid, which has its head office in West Thurrock, operates three divisions. The first hires and sells air conditioning and heating units to the Facilities Management sector, whilst the second carries out plumbing fit-outs for large housing developments. A smaller third division installs air conditioning and heating units into retail outlets.

Immediately following their appointment this morning, the Joint Administrators sold the business and assets of the hire & sale division of Rapid to A-Plant, a subsidiary of Ashtead Group plc.

Neil Gostelow, director at KPMG and Joint Administrator, commented: “The disposal of the hire & sales division to A-Plant is an excellent strategic fit combining Rapid’s first-class reputation in the hire & sale of air conditioning and heating units with A-Plant’s strong brand and broad customer base”.

“The sale secures over 60 jobs for Rapid’s skilled and loyal workforce and secures the best possible return to the Company’s creditors”.

“Unfortunately, however, the other two divisions of the Company proved to be unattractive to potential buyers. We will be assisting those 24 affected employees in claiming redundancy payments from the Redundancy Payments Office.”

ENDS

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Notes to Editors:

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

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