On 30th August 2019, Kris Wigfield and Joanne Hammond of Begbies Traynor in Sheffield were appointed as joint administrators of PK Education Ltd with the company immediately being acquired by Einstein Recruitment Ltd, saving all jobs at the company.
The pre-pack administration sale was completed with the help of a team of Yorkshire advisers including Tom Paton and Hal Roberts from the restructuring and insolvency team at law firm Irwin Mitchell, who advised Begbies Traynor on the deal; and Oliver Jackson, partner at Freeths, who advised the purchasers.
With its head office in Sheffield, supply teaching agency PK Education also had offices in Leeds, Manchester, Birmingham, Nottingham and Newcastle upon Tyne. Established in 2006, the business supplied candidates for a wide selection of teaching assistant and teaching jobs in primary and secondary schools throughout the UK.
The sale saw Einstein Recruitment acquire all of the assets as well as retaining the 30-strong workforce. Following the sale, the business will continue to trade as PK Education.
Joint administrator Kris Wigfield said: “It’s always good news for creditors, suppliers and staff when a business is saved and is able to continue trading. It is now on a more secure footing going forward.”
Tom Paton of Irwin Mitchell said: “This is a really positive outcome for PK Education and we are delighted to work with the joint administrators on this deal and help secure the business’ future and safeguard 30 jobs here in Yorkshire and further afield. There are huge opportunities for the company and we wish the management team well for the future.”
The directors of Einstein Recruitment commented that they were delighted to have completed the purchase of the business and assets of PK Education from the administrators. The purchase of the supply teaching agency based in Yorkshire resulted in all 30 jobs being saved. The directors said: “We are excited about the future for the business as we look to continue to build on PK Education’s already strong reputation, working with the current team to further strengthen and develop its position in the coming years.”
The directors noted that “the hard work and dedication of Oliver Jackson and his team at Freeths were fundamental to them being able to complete the transaction within the challenging timescales.”