Winchester: Electrical firm Dicks goes into CVA advised by Quantuma

Business advisory firm Quantuma has advised electrical contractor Dicks (Electrical Installations) on its Company Voluntary Arrangement (CVA), securing the jobs of 30 staff and sub-contractors.

With headquarters in Winchester, Dicks provides end-to-end installation services, including design, site installations and aftercare. The company specialises in the commercial property sector, providing electrical services to cinemas, schools, hospitals and factories. Dicks had a turnover of £3.7 million in the year to April 30, 2017.

The CVA will support Dicks’ management team, allowing the company to continue to employ 30 staff/sub-contractors. This will enable the business to complete all ongoing contracts, and continue to work on new assignments. The CVA will see the electrical contractor pay back its creditors in full over the course of four years.

The Quantuma team was led by partner Nick Simmonds, with support from Madhav Vibhakar.

Simmonds said: “Following our swift, detailed review of the case, we were able to formulate a deal that will see creditors paid off in full, which is a great result. The electrical installation sector is not alone in being rocked by challenging market conditions at the moment, and it is vital that service providers seek expert advice if they find they are encountering difficulties. This CVA will support the company’s new management team, facilitating the continuation of business operations, as well as saving the jobs of 30 staff and sub-contractors.”