The administrators of B3 Industries Limited, Colin Haig, Paul Flint and Allan Graham from KPMG Restructuring, have announced that they have been appointed joint administrators to the company’s Leeds-based subsidiary, Tri-wire Limited.
Shortly after their appointment, Tri-wire Limited – which manufactures bare and tinned copper wire from its base in Normanton - was sold to Anglia Metal Limited. The deal safeguards a total of 31 jobs.
Commenting on the sale, Paul Flint, joint administrator and associate partner at KPMG, said, “The difficult trading conditions experienced by the B3 Industries Group has had a knock-on effect on Tri-wire Limited, so we’re delighted to have been able to conclude such a swift sale of the business. In particular, it’s fantastic to have been able to safeguard the future of the workforce in Normanton, and we wish both the staff and the new owners well.”
Notes to editors:
Colin Haig, Paul Flint and Allan Graham from KPMG Restructuring were appointed joint administrators of the shareholding company, B3 Industries Limited, on Wednesday 16th May 2012.
They were subsequently appointed administrators to two subsidiaries of B3 Industries – Manchester Cables Limited and FTTX Limited.
Another of B3 Industries’ subsidiaries, Blue Helix Limited, a supplier of networking products based in Crawley, West Sussex, was sold to management on Monday 21st May 2012 via a share sale.
A further subsidiary, B3 Solutions Spain S.L., based in Santander, Spain, does not fall part of this administration process, but instead has entered into a voluntary pre-insolvency process under the jurisdiction of the Spanish legal system.
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