7 Administration Alert
Administrators for Port Vale Football Club have told potential buyers of the club that they would like to see final offers for the club made by next week. The Staffordshire Sentinel has reported joint administrator, Gerald Krasner, as stating that they cannot afford to waste any time in selling the club, as it currently only has enough money to remain in administration until the end of this football season. “Time is of the
essence because we want to finish this process by the end of the season. After that, it is all expenditure with no income,” Mr Krasner said. “It is likely we will fix a closing date for offers. I would like to see final offers sometime next week.” He added that any offers must be enough to satisfy the creditors of the club, which is some £3 million in debt. It has been reported that WaterWorld owner Mo Chaudry and Staffordshire firm International Piping Products are considering making bids, as well as another anonymous bidder. The administrators want to be able to name a preferred bidder for the club by 10 April. Once a preferred bidder is named, the administrators will then call a meeting of the creditors to try to strike a company voluntary arrangement to suit the creditors.
Technology business SafeTIC UK has been rescued out of administration, securing around 40 jobs. Its joint administrators, Craig Povey
and Kevin Murphy of corporate recovery company Chantrey Vellacott DFK, handled the sale to new owner French firm Butler Capital Partners. Stephen George from legal firm Squire Sanders also acted on the deal. The deal involved the sale of SafeTIC UK’s assets for an undisclosed amount. The firm, which is involved in biometric fingerprint technology systems, high level building security systems and defibrillator technology, will now trade as Butler Safe Technologies. SafeTIC UK itself was part of France- based SafeTIC Group. It has offices in Birmingham, Manchester, Edinburgh and London. Commenting on the deal, Mr Povey said, “SafeTIC UK Limited was a market leading company in the production of digital fingerprint readers, heart defibrillators and technology behind high security systems found in places such as childcare centres and gyms. The company ran into difficulties after running up around £1 million of HMRC arrears in PAYE and VAT and was forced to file for administration in February.” The newly-named business is to focus on supplying defibrillators and biometrics access control across Britain.
Woven Carpets of Kidderminster, the Stourport-based carpet manufacturer, has been put up for sale after falling into administration. Administrators from insolvency practitioners, SJP, were appointed to the company this week after financial difficulties and cash-flow problems led to it racking up debts of £700,000. Daniel and Simon Plant, the joint administrators from SJP, have said that they are keeping the company trading while a search for a buyer or buyers is carried out. “Woven Carpets of Kidderminster Limited experienced a reduction of orders which led to cash-flow problems,” Simon Plant told the Kidderminster Shuttle newspaper. “The company is continuing to trade to maintain goodwill and we are in talks with a number of potentially interested parties for the sale of the business and assets.” The business employs 69 people and no redundancies have been made at this stage. It was founded in 1934 and has an annual turnover of £3.5 million. It operates from a purpose-built
headquarters in Wilden Lane in Stourport, after it out grew its original premises on Green Street, Kidderminster. The company specialises in exclusive, high-end carpets, stating on its website that its focus is on “small batch production, high quality bespoke designs with the service and attention to detail to complement our clients”. The company has provided custom carpets to hotels and establishments throughout the world, including Europe, the US and the Middle East.
Market Gates Shopping Centre GY, the company behind Great Yarmouth’s main shopping centre, has entered administration, it has emerged. The company, which was formerly known as Miller (Great Yarmouth), entered administration earlier in March. Neville Kahn, Robert Harding and Matthew
Cowlishaw from Deloitte were appointed as joint administrators by parent company, The Miller Group Ltd. The shopping centre will continue to trade as normal while the administrators assess the business’s current status and seek potential buyers and investors, according to a statement from Deloitte. Mr Cowlishaw explained, “We will look to undertake a proactive asset management strategy over a period of time in order to make the development even more attractive to potential investors and occupiers before considering our options further.” The centre is one of the oldest malls in the east of England, built in 1975, and has 40 stores trading from within the development. An £18.5 million refurbishment was carried out in December 2008 and plans for a second extension to the southern end of the centre was given the go-ahead last year. It has been reported that the shopping centre was not included in a recent extensive restructuring of The Miller Group Ltd.
A buyer is being sought for the Leeds-based jewellery retailer, Azendi, after financial difficulties saw it fall into administration.
The 19-store chain is now in the hands of joint administrators, Adrian Berry and Daniel Butters, from financial services firm, Deloitte. Its accounts for the year to 30 April 2011 saw it register a pre-tax loss of £659,684 on sales of £8.4 million. Azendi was founded in 1989 and has undergone steady and consistent expansion since then. Mr Berry said they would be carrying out an intensive search for a buyer for the company and were hoping to save the jobs of the 100 people employed by the firm. “Azendi Ltd has faced a downturn in trading as a result of the current difficult economic trading conditions. We will continue to trade the business while we seek a buyer,” he explained. “We are hopeful that suppliers will remain supportive while we continue to trade, the business providing us with the best possible platform from which to preserve jobs, and value for all creditors through the process.” Deloitte is being advised by Andrew Walker from the Leeds office of restructuring specialists Irwin Mitchell, who said they would be looking at all possibilities for the company. He explained, “We appreciate that this is a difficult time for the business and its employees, but we will continue to work with administrators as they explore the various options for the business and ultimately seek a buyer.”
BUSINESS SALE REPORT - THE UK’S LEADING SOURCE OF INFORMATION ON COMPANIES FOR SALE
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