SFP, the nationwide insolvency practitioners, has completed the sale of ARC Fleet Solutions Limited and saved 29 jobs, after the firm encountered financial difficulties.
ARC had an annual turnover of approximately £1.7 million and offers fleet hire for cars and vans from its Nottingham base. It experienced cashflow problems that led to debts of more than £150,000.
SFP’s Simon and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association (IPA) – were appointed Joint Administrators on November 23, 2011.
Following discussions with several interested parties the sale of the business and assets was completed on November 25.