AFM And Granite Le Pelley Complete Buyouts

Two of the subsidiaries of the Garenne Construction Group have secured their future, following successful management buyouts.

The Channel Islands facilities management company, AFM, has been bought out by its management.

It's understood the move covers both the Guernsey and Jersey operation.

AFM was part of the Garenne Construction Group, which went into liquidation at the end of March.

In a statement on social media, AFM's management team says it's been a tough few days for all involved:

'We would like to give thanks to our loyal customers and suppliers, our bank, the liquidators and our advisors who have been nothing but positive and supportive.

The AFM management team are confident in the future of AFM as a result of this transaction.'

Another Garenne Construction subsidiary, stonemasons Granite le Pelley, has also completed a management buyout.

But, Rabeys Commercial Vehicles in Jersey ceased trading last night.

Its Guernsey operation closed last week and both firms have made the vast majority of their staff redundant.