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Management Res Sol (MRS)

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Wednesday 20 November, 2019

Management Res Sol

Update

RNS Number : 0218U
Management Resource Solutions PLC
20 November 2019
 

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


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