United Kingdom

Details

  • Service: Advisory
  • Date: 01/06/2012

Administrators of B3 Industries Limited: Update 

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.”

 

Ends

 

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.


For further information please contact:

Katy Broomhead, KPMG – 0161 246 4623 / katy.broomhead@kpmg.co.uk

 

About KPMG
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff.  The UK firm recorded a turnover of £1.6 billion in the year ended September 2010. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have more than 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.