22.03.2005

Independent spends a million on upgrading

Four months after the £11.6m Management Buy-In to Independent Access Supplies (in administration) Ltd, the MBI team, under the registered name Wizard Work Space Ltd, has announced an investment of £1 million to improve the safety, and condition of its fleet.

The investment, the first phase of which is already complete, begins with inspecting every unit and making sure that it is in perfect working order and fully meets all safety requirements.
The following two phases cover aesthetic appearance and the addition of market driven options.

“The extensive machine reconditioning programme has already reached the end of the first phase. The machines are our lifeblood, and we have already completed Phase one - making sure that each and every one is in A1 working order, and operating as efficiently and safely as possible”. Said Andrew Fishburn, Sales and Marketing Director for the company.

“Having established a thorough Pre-Delivery Inspection procedure, we have now embarked upon Phase two, in which we focus on the cosmetic appearance of all machines, ensuring that they go out on jobs looking smart, as a true reflection of our brand”.

"Phase three will be customising machines for specific customer
Requirements, we have already begun improving our fleet with add-on accessories such as on-board generators and lighting systems, and safety-enhancing features, so that we can offer greater versatility for a wider range of applications”

"Safety is a key concern for our customers, in particular ensuring the safety of their employees. This is why safety is our core value. We strive to provide the highest possible working environment safety whilst improving productivity” continued Fishburn.
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Independent Access is spending £1 million on upgrading the condition of its existing fleet

Andy Phillips from Wizard Workspaces principal funder, the Bank of Scotland added. "The team has made significant achievements in its turnaround efforts, with results consistently ahead of its Financial Plans. We are very impressed with the results and outlook to date”.

Wizard Work Space Ltd bought Independent Access Supplies ltd from KPMG's Corporate Recovery team. KPMG administered the business from 7th April to 15th October 2004, far longer than anticipated, the administration and MBI were one of the first following the introduction of the new Enterprise Act last September.

Independent Access now operates from the following locations:
* Birmingham
* Bristol
* Derby
* Glasgow
* Leeds
* London South
* Manchester (Northern Regional HQ)
* Nottingham
* Northampton
* Norwich (Southern Regional HQ)
* Teesside
* West Midlands

Vertikal Comment

It is still early days, yet the timing for this buy in look s to have been extremely fortuitous, with the market picking up substantially between the day the business entered administration and the day it emerged as a new company.

While the new team still has a long and tough challenge ahead, it is beginning that task and the best point in the business cycle and in good shape. If the UK market continues on its recent upward trends, then expect this company to complete its full recovery well ahead of the three years that it has set itself.

In time also expect to see the Wizard Workspace name become the trading name for the resurrected business as it continues to upgrade the fleet and operational practices and looks to distance itself from the original business..