20 Nov 2019 07:00
20 November 2019
Management Resource Solutions plc
Update
The board of Management Resource Solutions plc ("MRS" or the "Company") provides the following update.
The administrators have not accepted the MRS proposal and have indicated that they will now move forward with other interested parties. The Directors are unable to take negotiations further and regret that a deal could not be reached.
The administrators will advise staff in the next few days of the wind down of operations of MRS Services Group Pty Ltd, with all staff likely to be terminated on 29 November 2019 or earlier. The wind down of Bachmann Plant Hire Pty Ltd has begun with employees being made redundant this week and contracts being brought to conclusion. A minor team of staff may be retained on a casual basis post 29 November to attend to asset relocations and accounting functions.
The board will now urgently explore other options for a solvent future for MRS in order to avoid liquidation.
ENDS
For further information:
Management Resource Solutions plc Paul Brenton, CEO Tim Jones, Finance Director
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Arden Partners plc (NOMAD & Broker) Paul Shackleton
| Tel: +44 (0) 20 7614 5900 |
FTI Consulting (Financial PR) Alex Beagley James Styles Sam Macpherson | Tel: +44 (0) 20 3727 1000 |
About MRS
Management Resource Solutions plc (MRS), through its subsidiaries Bachmann Plant Hire and MRS Services Group, offers plant hire, equipment repair, refurbishment and fabrication, mine rehabilitation, earthmoving, road construction and other support services to a wide base of private and public sector clients in Australia. MRS caters predominately for the mining, civil engineering, construction and infrastructure industries.
Further information on the Company can be found at http://www.mrsplc.info