The facilities management business, which had suffered cashflow constraints as a result of successive public sector cuts, was granted a life line after the successful formulation and negotiation of a CVA which was overwhelmingly approved by creditors. The directors have said they are anxious to ensure that creditors should be repaid in full.

Steve Smith, corporate advisory partner at Mercer & Hole and joint supervisor of the CVA said: ‘In these difficult economic times it is admirable that the directors continue to be determined to repay all creditors in full. The CVA, with the support of over 98% of the company’s creditors, has preserved a significant number of jobs, which at this time of year will vastly improve many Christmases across the country.’

The accountancy firm was also behind the preservation of 53 jobs at the same point last year, when it handled the administration of railway security company Safesec, with employees found jobs at subcontractors rather than facing redundancy over the festive season.