AFM Guernsey confident of management buyout after collapse of parent company

Facilities management company AFM says it is confident its management buyout application will be approved by the end of this week.

The announcement comes after Garenne Construction, the parent company of AFM, Rabey's Garage and Camerons construction in Jersey, went bust last week.

If the bid is approved, the business will continue as usual, but under new ownership.

Since the news that 27 staff at Rabeys were told their jobs were going, staff at AFM have been working to secure a management buy-out to safeguard the future of the company and its staff.

In a statement, the firm said it had been a challenging few days, but that it continued to trade as normal.

The company added the team were making good progress and hoped to make an announcement before the Easter Break.

Guernsey's Chief Minister, Deputy Peter Ferbrache, described the situation with Rabey's Garage as "sad".

He said: "It's been part of Guernsey for 40-50 years, and it's just sad when a well-run group of companies has the difficulties that it currently has."

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