The Doncaster firm has been taken over by private equity firm Oxygen Partners after cash flow pressures forces it to call in specialist business advisory firm FRP Advisory LLP as joint administrators on August 2.
The purchase by Oxygen Partners resulted in all 31 jobs being saved. Its sites in West Bromwich and Gateshead will continue to trade, while its locations in Bridgend and Doncaster will be wound down.
Vanguard VML Group specialises in the movement and installation of machines across the UK and overseas and operated from its four depots in Bridgend, West Bromwich, Gateshead and Doncaster.
Its West Bromwich and Doncaster depots will now be wound down with activity focusing on Bridgend and Gateshead.
Oxygen’s Steve Benger said: “We are excited about the prospects for the new company and look forward to working with the team going forward.”
Managing Director, Mark Causier, commented: “It’s great to have new investors to take the business forward at such a good time for us in our market. The complementary skills of the legacy business together with Oxygen’s wider strategic and financial expertise provide a great platform for our new business.”
Commenting on the deal, Raj Mittal, partner at FRP Advisory, said: “We are delighted to have secured a deal which gives the business the support to continue to trade and service its customer base. The deal also ensures that jobs are secured across two of the key regions in which the business operates.
“We wish the team at Oxygen Partners and all the staff every success as they take the business forward.”