FRP Advisory has secured the sale of Mark Cobb Installations Limited to WT Parker (Retail), saving the jobs of around 30 members of staff after the business entered into administration on 17 August 2012. Chris Stirland and Nathan Jones, partners at FRP Advisory in Leicester, acted as joint administrators.

Mark Cobb Installations Limited, which provides mechanical, electrical and plumbing contracting to developments nationwide from its base in South Hykeham, Lincoln began to experience trading difficulties after a sustained period of growth, during which the company's turnover increased from circa £1m in June 2010 to £4m in June 2012. This increased working capital requirement; put extensive pressure on cash flow and ultimately this led the business to become distressed.

Stirland said: 'Mark Cobb Installations Limited has experienced rapid growth during the past three years, owing to a good pipeline of clients and an expansion of services. Although the company planned for growth, the number and size of contracts exceeded forecasts and working capital requirements. Consequently the business ran into difficulty maintaining supplier payments while waiting for payments from contractors.

'It soon became apparent that the profitability of the contracts had decreased to a level that left the company in an unmanageable cash flow situation. In order to safeguard the jobs of around 30 employees and the value of the business, it was decided by directors to place the company into administration with the help of FRP Advisory LLP, while seeking a buyer for the business.

'As a part of this deal, all 30 employees have transferred under TUPE to the new company, which will continue to trade under the name of Mark Cobb Installations Limited, which has also been purchased along with other assets.'