JD Cooling service arm sold by administrator14th September 2023
UK: The service and maintenance arm of multi-award winning refrigeration and air conditioning contractor J D Cooling Systems has been acquired from the administrator, saving over 40 jobs.
The King’s-Lynn-based business was placed into the hands of administrators McTear Williams & Wood on August 17, putting the future of 150 staff at risk.
In a note announcing the sale on the administrator’s website, Jo Watts, joint administrator and associate director at McTear Williams & Wood, said “Every case is different but in this instance we were able to save over 40 jobs and see the servicing and maintenance part of the business continue with its many loyal customers, which in today’s economic climate is a very good outcome.”
The administrator has so far not revealed the identity of the purchaser of the service and maintenance business, nor the purchase price, but has indicated that there will be a dividend for unsecured creditors.
Originally established in 1994 as IMA Cooling Systems, the company changed its name to JD Cooling in 2011, winning a number of industry awards in recent years including being named one of the London Stock Exchange’s 1,000 Companies to Inspire Britain in 2018.
Following a number of successful years, JD Cooling made a loss of £939,581 in the year to May 31, 2022, after seeing turnover drop from nearly £30m to £16.5m.
Former directors Hayley Jackson, Thomas Marshall and Matthew Roberts registered a new company, JD Cooling Acquisition Ltd, on August 15.