Tue, 03 Jul 2012 | ADMINISTRATION
KPMG has worked to close a prepack deal for the Norbain Group and its UK subsidiaries, it has been confirmed.
Will Wright, director of KPMG’s Birmingham restructuring team and Colin Haig of KPMG were appointed as joint administrators of the group on 29 June, following an Early Options sale and investment process that lasted for 13 weeks.
Eventually, an agreement was reached to sell the assets of the UK sections of the business to Newbury Investments. This has meant that trading can continue at the firm and all 250 of the staff in this country have kept their jobs.
Mr Wright told the Birmingham Post: “Norbain’s business was adversely affected by a decline in orders as customers decided to wait and see if the economy would improve before investing in infrastructure projects.
“The fall in income was a key factor in the company entering into administration. This deal marks a fresh start for the Norbain UK business and puts it on a more solid footing for the future.”
Based in Reading, Norbain is the UK's largest distributor of CCTV, IP video, access control and intruder detection equipment and has a turnover of £150 million.
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