Moorfields appointed as Joint Administrators of In “n” Out Services Limited

Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP were appointed Joint Administrators of In “n” Out Services Limited (“INO”) on 12 August 2010. In “n” Out Properties Limited, a wholly owned subsidiary of INO was also placed into Administration.

Incorporated in October 2004,  INO is a provider of car maintenance and MOT testing services for the UK market.

The Company has had cashflow difficulties as a result of its failure to raise further funding. The directors resolved that Administrators be appointed to protect the assets of the Company while it’s business is advertised for sale on the open market.

Trading
The Joint Administrators continue to trade INO with the view to selling its business and assets as a going concern.

Operations remain open for trade in Cardiff, Bristol, Northampton (Kettering Road), Northampton (Towcester Road), Kettering, Milton Keynes, Chesterfield, Doncaster, Nottingham, Wednesbury, Stockton, and Stevenage.

Unfortunately, upon appointment the Joint Administrators were forced to close trading sites located at Derby and Scunthorpe with immediate effect.  A number of redundancies were made, providing necessary cost savings to support continued trade. Around 100 employees remain spread across the regional trading sites and at the head office in Silverstone. 

Customers
All customers who wish to attend the site within their local area are invited to do so. For the sites that remain in operation it will be business as usual until further notice and a full range of INO’s service offering will be available.

Interested Parties
All parties interested in making an offer for the business and assets of INO are asked to contact Ben Kay on 0208 528 1713 or bkay@moorfieldscr.com.

Creditors
All creditors of INO who would like information on the details of the Administration or who wish to submit a proof of debt are asked to contact the Joint Administrators office on 0208 528 1090

Suppliers/Reservation of Title
All suppliers of INO who would like information on the details of the Administration and those who may wish to exercise a reservation of title over stock/inventory are asked to contact Jon Ausena of the Joint Administrators office on 0208 528 1090.

Simon Thomas said " In “n” Out Services Limited is an award winning provider of car maintenance and MOT testing services with modern and well integrated workshops based around the UK. We have already received a number of expressions of interest from likely buyers and are hopeful of achieving a swift going concern sale. Please could interested parties contact us as soon as possible. Whilst we have regrettably had to make a number of redundancies on our appointment, we are hopeful of achieving a going concern sale and preserving the remaining jobs. It is possible that any purchaser of the business may wish to re-employ staff we have had to release in the short-term"

Should you wish to speak with Simon Thomas please call 0208 186 1144.

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

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