Onwatch Multifire sold through pre-pack administration deal
28 September 2020
THE JOINT Administrators of security systems business OM Realisations 2020 Limited, trading as Onwatch Multifire, have sold the company’s trading divisions through a pre-pack administration process.
Onwatch Multifire designs, integrates and installs safety and security systems and provides CCTV monitoring and maintenance services out of its Category II BS 5979/BS 8418 hub. The company also provides fire protection systems through its fire alarm division Multifire Maintenance Services.
Tony Wright and Philip Armstrong from specialist business advisory firm FRP were appointed Joint Administrators to the business on 7 September. On appointment, the business’ two trading divisions were immediately sold and all employees transferred.
The security division was sold to the company’s directors Peter Gould and Chris Cunningham and will continue to operate under the Onwatch (UK) brand out of the business’ sites in Sunderland and Crowborough in East Sussex. It will continue to employ 38 staff.
The fire services division has been acquired by one of the UK’s leading national fire and security businesses, namely Churches Fire Security Ltd. 20 members of staff will transfer to the purchaser and operate out of its UK-wide office network.
Tony Wright, Joint Administrator and partner at FRP, informed Security Matters: “These concurrent transactions provide a sustainable future and platform to grow for both Onwatch UK and the team at Multifire Maintenance Services – two businesses that provide critical services. Even amid the ongoing economic challenges and disruption, the deals show that quality businesses can still attract investment. We wish Onwatch all the best as an independent business and also Multifire Maintenance Services as part of a major UK fire services group.”
Pete Gould, managing direcyor at Onwatch (UK) Ltd, said: “It has been a challenging six months, but we’re pleased to have completed our MBO. The retention of our security employees and long-standing customers to maintain a stable workplace and continue to provide a high-quality service was uppermost in our plans going forward.”
Charlie Haynes, CEO at Churches Fire, added: “At Churches Fire, we’re extremely proud to take ownership of Multifire Maintenance Services. Both companies share the same customer-focused values, working to regulated British Standards and supplying businesses with the highest quality fire safety services.”
In total, the transactions have secured 58 jobs.