Denman Facilities Management filed for administration last week - the last of the group’s four divisions after Denman Contracting, Denman Holdings and Denman Group were forced to take the same action at the end of March.
But, joint administrators Keith Steven and John Kirkpatrick, from chartered accountants Wilkins Kennedy, believe they are close to a rescue package.
Denman has built a strong reputation in providing refrigeration solutions for major retailers including Tesco and Sainsbury’s.
Mr Stevens said a major source of hope had been provided by securing the ongoing support of major retailers in the UK.
He said: “The companies are still trading at the moment and we have got the support of the customers so we are hopeful we will be able to sell all or part of the business and protect at least some of the jobs.”
The Denman Group was hit by cash flow problems due to work being delayed in the first quarter of this year Denman Contracting, Denman Holdings and Denman Group all entered administration in March and Denman FM had been expected to follow.
The group was founded in 1998 by Mark Denton, but following a management buy-out in September 2007 former commercial director David Weaver (pictured) was installed as group managing director.
Denman Contracting covers refrigeration design, supply, installation, testing and commissioning services within the food retail sector alongside general M&E and Air Conditioning services.
Denman Contracting’s accounts for the financial year ending on May 31, 2007 stated its turnover was £37.5 million up from £22.8m for the same period in 2006 and its profit was £647,224 in 2007 up from £12,017 in 2006.
Administrators called in to troubled Denman - March 2008
Management buy-out for Denman - October 2007