Fri, 25 May 2012 | ADMINISTRATION
B3 Industries Ltd has entered administration, with Colin Haig, Paul Flint and Allan Graham from KPMG appointed to oversee the restructuring of the group.
The firm was the parent company of the Manchester-based B3 Cables site, Tri-Wire in Yorkshire, and subsidiaries with operations in other countries, including Germany, Sweden and Spain.
However, reports from The Business Desk reveal that all of the company's subsidiaries are continuing to trade as normal, with no redundancies made, suggesting that the administration is likely to predominantly affect the parent company alone.
B3 Industries Ltd was owned by former Aston Ventures partners Paul Ruocco, Douglas Barrowman and Tim Eve, along with members of its own management team. However, the single largest shareholder was ex-Tri-Wire boss Michael Walton, who held around 20 per cent of shares. The initial buy-out of the Manchester Cables business, which traded as B3 Cables, was arranged by Aston Ventures in 2011 after Belden Cables – its former US parent company – announced plans to close the site.
There are no trading figures reported in the company's accounts, but the last filed reports for Manchester Cables show a pre-tax profit of £1.1 million on sales of £97.4 million in the year to 31 October 2010.
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