Quantuma oversees Lanes Recovery sale

17 May 2024 Consultancy.uk 1 min. read

Vehicle maintenance business Lanes Recovery has been acquired out of administration in a pre-pack deal. Joint administrators from Quantuma have completed a sale of the business and assets to a newly created company.

With its roots tracing back to a family business established in 1951, the modern entity of Lanes Recovery was founded in 2018. In the six years since, the company has provided vehicle recovery, maintenance and storage services from four sites in Wales, Herefordshire, Worcestershire and Gloucestershire – reporting a turnover of £4.6m in 2023/24.

As is the case with many businesses across the UK, Lanes endured a difficult trading period during the Covid-19 lockdown, and fell into arrears with its tax affairs. In the years since, it has been unable to recover sufficiently to get back up-to-date, and a winding-up petition was presented. 

Quantuma oversees Lanes Recovery sale

The company approached its secured lender for support and was then referred to Quantuma for insolvency advice. Quantuma's managing directors, Andrew Watling and Carl Jackson were appointed as joint administrators of Lanes in mid-April 2024, and quickly completed the sale of its business and assets to create a new entity, named Lanes Garage Recovery Services.

The sale to the newly created company, run by relatives of the director, had been determined as the only way to save the business and maximise a return to creditors. All 59 staff were transferred to the phoenixed purchaser, under TUPE regulations.

Commenting on the decision, Watling noted, “We are pleased to have achieved such a positive outcome for Lanes Recovery, ultimately preserving all jobs and with no disruption to ongoing operations. This sale secures the continued trading operation of the business in its four locations.”

Professionals from Moore Barlow provided legal services for the deal. Meanwhile, Axia Valuation Services provided support with the valuation and sale.