Lincolnshire based children’s charity Children’s Link has exited administration, which is now back in the hands from the Board of Trustees and senior management team, saving 200 jobs
The charity, which gives support services to children, adolescents and families, formally entered administration in December 2016, appointing Midlands based accountancy and business advisory firm, Smith Cooper, as administrators.
The charitable service, which gives care and education to more than 113,000 dependent people nationally, may be maintained, led by founder Karen Parsons who started in the role from January this current year.
Michael Roome, Director of economic Recovery and Insolvency at Smith Cooper who initially advised on, and subsequently led theprocess, said: “We couldn’t have hoped for a much better outcome for Children’s Links, all relevant parties was absolutely desperate toachieve what has been a very good outcome for all concerned, it is difficult not to ever become emotionally invested when financial distress impacts the lives of more and more people.
“It had been naturally not easy to be appointed in the resulted in the Christmas period andsome tough decisions had to be made, containing allowed us to put together an approach that will encourage the Company’s creditorsto be ultimately paid back completely.”
Parsons said: “To finally be through this challenging period can be a relief to all of us all. The group at Smith Cooper is composed of personable and consummate professionals, and dedication and fervour to get the best result can be the main reason we’re still capable of give you the service that individuals do.”
She added: “We have reached a situation to focus on maintaining the incredible services, whilst trying to engage new strategicpartners and funders to assist our growth and the vital services how the charity provides.”
The administrators were assisted by Nottingham law practice Browne Jacobson. Chloe Poskitt, associate at Browne Jacobson said: “We are happy to have played a pivotal part in the rescue of Children’s Links, specifically in light of the crucial services that theyprovide.”