Stirling Ackroyd wins backing for CVA
London estate agents and commercial property adviser Stirling Ackroyd has agreed a crucial deal with its creditors that will safeguard its immediate future and give the company breathing space to repay its debts.
Insolvency practitioners KRE said the company unanimously agreed a company voluntary arrangement at a meeting with its creditors yesterday, with Paul Ellison and Gareth Roberts of KRE appointed as supervisors.
“The implementation of the CVA means that the business is now stable under new management, and business is very much back to normal for its workforce of over 100 employees,” KRE said.
The deal will also see Stirling Ackroyd explore options including a sale of all or parts of the business to repay its debts.
The Shoreditch-based firm, which has seven branches across the capital, ran into financial difficulty last year following the death of its founder James Goff in September, after a six year battle with cancer.
A new management team, led by managing director Stephen Wilson, was put in place last month and a CVA was proposed so that it could undergo a rescheduling of its debts.
Ellison said: "The CVA is a sensible solution which allows a very good and profitable business to go forward in a much stronger position than it has been for many years. I would like to thank all category of creditors for their support in very difficult circumstances, and particularly the employees who have not allowed the company's difficulties to affect the company's performance."
Goff founded Stirling Ackroyd in 1987, opening his first office on Curtain Road and becoming one of the first dedicated estate agents in the area. The business has since grown to 100 employees with a turnover of around £8m. As well as residential services, it also advises on commercial property disposals, acquisitions and developments.
Its branches are located in Bankside, Shoreditch, Clerkenwell, Clapton, Hackney and Bloomsbury and it is also due to open an eighth branch in Dalston.