Lincolnshire based children’s charity Children’s Link has exited administration, and is now back in the hands of its Board of Trustees and senior management team, saving 200 jobs
The charity, which provides support services to children, young people and families, formally entered administration in December 2016, appointing Midlands based accountancy and business advisory firm, Smith Cooper, as administrators.
The charitable service, which provides care and education to over 113,000 dependent people nationally, has been maintained, led by chief executive Officer Karen Parsons who started in the role from January this year.
Michael Roome, Director of Business Recovery and Insolvency at Smith Cooper who initially advised on, and subsequently led theprocess, said: “We couldn’t have hoped for a better outcome for Children’s Links, everyone involved was absolutely desperate toachieve what has been a successful outcome for all concerned, it is difficult not to become emotionally invested when financial distress impacts the lives of so many people.
“It was naturally difficult to be appointed in the lead up to the Christmas period andsome tough decisions had to be made, which has allowed us to put together a strategy that should allow the Company’s creditorsto be ultimately paid off in full.”
Parsons said: “To finally be through this challenging period is a relief to us all. The team at Smith Cooper is made up of personable and consummate professionals, and their dedication and passion to achieve the best outcome is the reason why we are still able to provide the service that we do.”
She added: “We are now in a position to focus on maintaining the amazing services, whilst looking to engage new strategicpartners and funders to support our growth and the vital services that the charity provides.”
The administrators were assisted by Nottingham law firm Browne Jacobson. Chloe Poskitt, associate at Browne Jacobson said: “We are delighted to have played a pivotal part in the rescue of Children’s Links, particularly in light of the crucial services that theyprovide.”