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The management-buy-out of AFM has been completed with the new owners confirming the continued employment of the firm's 320 staff across both Guernsey and Jersey.
The facilities management provider was at risk of being forced out of business by the collapse of its parent company, the Garenne Group.
However, the details of the MBO were confirmed on Tuesday 11 April - alongside that of fellow former Garenne-owned Granite Le Pelley.
Pictured: There's been good news this week for the new owners, and staff, of Granite Le Pelley Guernsey and AFM.
The AFM buy-out team includes the Managing Directors and other Senior Management figures across both islands, as well as the firm's Chief Executive.
In a joint statement they said: "We are delighted to inform you that a Management Buyout (MBO) of AFM, which includes Senior Management, the Managing Directors in Guernsey and Jersey together with the Chief Executive of AFM, has today been completed.
"The acquisition immediately transfers the full ownership of AFM away from Garenne Construction Group Limited (GCGL) and their appointed liquidators. This will in turn enable a seamless transition that allows the company to continue to go from strength to strength as it has been doing over the last three years."
Having been part of the Garenne Group, AFM was linked with other companies that have also been the subject of buy outs prior to the collapse of the parent company. Geomarine was bought out in January, while RG Falla was sold last year.
Other entities owned by Garenne have gone under, such as the Cameron's construction firm in Jersey, and Rabeys Garage across both islands.
Pictured: Rabeys Garage, in the foreground of the Vale Castle Industrial Site which is also home to AFM, went into liquidation shortly after the administrators were called in to the parent company, the Garenne Group.
The new owners of AFM hope that now the MBO has been confirmed their staff can feel confident in their work, assured in the safety of their continued employment.
"We understand that the last few days have been unsettling for everyone, and we would firstly like to thank our 320 colleagues who have been unwavering in their commitment to AFM. We would also like to record our appreciation to our loyal customers and suppliers, our bank, the liquidators, and our advisors who have been nothing but positive and supportive," continued the statement.
As well as assuring their loyal staff, AFM wanted to thank its customers and suppliers as it confirmed its business continuation plan.
"The AFM management team are confident in the future of AFM as a result of this transaction. We will continue to provide the highest level of service and expertise to our extensive and valued customer base, including the services to both public and private sectors that are critical to the health and safety of our local communities.
"Thank you again for everyone’s loyalty and support and as we move forward, the AFM team look forward to demonstrating our commitment to valued colleagues, our loyal customers and suppliers, and the local communities we serve."
Pictured: The Garenne Group website still lists the above as its owned entities.
The Garenne Group went into liquidation at the end of March.
Aside from AFM and Granite Le Pelley (both now independently owned), and Rabeys (in liquidation), all of the remaining businesses listed on the Garenne Group website as being within its portfolio of owned entities are based in the UK.
Garenne Natural Stone, Garenne Shopfitting, Sterline Services, and GSRM all offer services to UK clients.
All are now in liquidation along with the Garenne Group itself.
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Garenne Group going into liquidation
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RG Falla moves into 'small works'
Garenne Group donates thousands to PPBF
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