PR firm sold in pre-pack deal
Chantrey Vellacott DFK administrators have helped to rescue a West Midlands PR firm that faced a financial crisis after a former employee stole nearly £200,000.
Ward Lovett Advertising and PR, which was put into administration by its directors, has been sold to Kerst Limited in a pre-pack administration, through which a company enters and leaves an administration process almost instantly.
Craig Povey and Kevin Murphy, partners and restructuring specialists at accountancy firm Chantrey Vellacott DFK, were appointed administrators and managed the sale of the company to Kerst.
Ward Lovett was run by two directors, one of whom, Kerst Ward, set up Kerst Limited. Ward Lovett employs around 12 staff at its offices at Kingswood Lakeside in Cannock.
Craig Povey, partner at Chantrey’s Birmingham office, said Ward Lovett was a strong business but had struggled to meet liabilities to HMRC after the theft of nearly £200,000 from a former company treasurer between 2006 and 2010.