THE Island’s largest stone specialist has been sold following the collapse of its parent company.
Former Garenne Group company Granite Le Pelley has been split into two after its Jersey arm was sold to a property developer, and its Guernsey business was bought by its management.
Granite Le Pelley Jersey was sold to Stuart Wright on Thursday 6 April.
All Granite Le Pelley Jersey management team and staff will be kept, and a new executive incentive scheme will be devised for senior management.
Mr Wright, who has recently moved to the Island, has experience of running large-scale UK development projects and businesses.
Managing director Pascal Maurice said: ‘We are delighted to have Stuart on board at Granite Le Pelley Jersey.
‘He is already working to bring his extensive experience to support and develop the company. This will allow us to maintain the quality, passion and service we have consistently delivered to all our clients and customers.
‘It is very much ‘‘business as usual’’ for all the team and as we prepare to celebrate our 15th anniversary this year in Jersey, we look forward to a very bright future ahead.’
Meanwhile, Granite Le Pelley Guernsey is also a distinct independent business after a management buy-out was completed on Easter Monday.
The company will continue to be led by its managing director, Richard Breban.
The Garenne Group went into liquidation soon after its Jersey-based building firm Camerons went bust at the end of February.
Other companies once in the now-collapsed group have had mixed fortunes.
The Guernsey arm of commercial vehicle hire firm Rabeys went into liquidation on Friday and while there were hopes that the Jersey part of the business could be saved, it too announced it had gone under on Tuesday.
Civil engineering business Geomarine was fully purchased by its management team in January and facilities management firm AFM completed its own management buy-out this week.
RG Falla – seen by some as the flagship brand of the Garenne Group in Guernsey – was sold off last year, with the new owners looking to focus on small works as opposed to large civic projects, as it has done previously.
Confirming that Granite Le Pelley and AFM had been successfully sold, the joint liquidators said: ‘Following the liquidation of Garenne Construction Group
Ltd, [we] rapidly explored whether sales of its subsidiaries could be secured to
preserve value for the creditors of
Garenne.
‘Consequently, successful share sales have been achieved for AFM in the Channel Islands, Granite Le Pelley in Guernsey and Granite Le Pelley in Jersey, generating value while also protecting the businesses and providing ongoing employment.’
Geoff Jacobs, from one of the liquidators, Interpath, said: ‘We are delighted to have completed these transactions, which have generated value which would otherwise not have been achieved and, ultimately, which have secured the future of these well-established businesses.
‘To have delivered these complex transactions, in a short timeframe and against such a challenging backdrop, is testament to the extensive work undertaken by the liquidators team, the management teams and many stakeholders who invested significant time and effort to achieve such a positive outcome.’
Linda Johnson, partner at KPMG, the other liquidator, added: ‘We are particularly pleased that these transactions will safeguard the jobs of over 350 people in Guernsey and Jersey, following a period of immense uncertainty, which is an outcome that is particularly important for our communities.
‘I would like to thank everyone involved in achieving this excellent result and wish the respective management teams and
the employees all the very best for the future.’
Concerning Rabeys, any individual or party with leases should contact the
liquidation team at Interpath by emailing connor.griffin@interpathadvisory.com or liuhonggu.chen@interpathadvisory.com.
Garenne Group firm Camerons collapsed at the end of February, with all of its 45 staff being made redundant.
A financial ‘statement of affairs’ given to creditors by Camerons directors showed that it was unlikely that any sub-contractors and suppliers owed money would be paid – despite the contractor having £5.7 million on its books.
