Management buyouts save Granite Le Pelley and AFM
TWO companies who were part of the collapsed construction group Garenne yesterday confirmed that they had completed management buyouts or were about to.
Granite Le Pelley completed its management buyout over the weekend, while Amalgamated Facilities Management said on social media yesterday that a management buyout ‘had been agreed’ between its senior management team and the liquidators of Garenne Construction Group.
Both companies were long-standing parts of GCGL, which fell into liquidation earlier this month following the collapse of its Jersey building contractor Camerons.
Granite Le Pelley, which specialises in stonemasonry, operates in both Guernsey and Jersey and celebrated its 40th birthday in December.
It will continue to be led by Guernsey-based managing director Richard Breban and new director Jack Lunn.
‘We would like to take this opportunity to thank our employees and clients, along with our suppliers, for their continued support in allowing us to trade over the past week and seamlessly transition into new ownership. We are looking forward to our next 40 years in business,’ Mr Breban said.
The Jersey arm of the business has been sold separately in that island.
In a post on its Facebook page, facilities and building services contractor AFM said that its impending buyout would transfer full ownership of the company away from GCGL, and its management was confident in its future.
‘We would like to state our appreciation for the support of all our 320 colleagues who have been unwavering in their commitment to AFM.
‘We understand that the last few days have been unsettling and we would like to give thanks to our loyal customers and suppliers, our bank, the liquidators and our advisers who have been nothing but positive and supportive,’ it added.
Interpath Advisory and KPMG are acting as joint liquidators for both Garenne and Rabeys Commercial Vehicles.
