Mon, 11 Jul 2011 | BUSINESS SALE
KPMG is to orchestrate the sale of insolvency firm Bridge Business Recovery, after they were called in as administrators of the firm last week following the discovery of "significant irregularities".
Partners at Bridge, which operates from offices in London, Bedford and Tunbridge Wells, had been attempting to structure a pre-pack administration last week. KPMG's joint administrators Colin Haig and Samantha Bewick said it hit a snag, however, when they discovered the irregularities.
After seeking the advice of KPMG, the courts stepped in and appointed the financial advisory firm as the company's administrators.
Mr Haig explained that the pre-pack had the backing of independent restructuring professionals and the company's largest creditor, until the unforeseen discovery. He said, "Unfortunately, the administration has been triggered by unforeseen and very difficult circumstances. The focus for the administrators will now be on seeking a sale of the business."
Rob Horton, one of the Bridge partners who had been attempting the restructuring said one of his fellow partners had been let go from the firm as a result of the financial discoveries. "James Bradney, partner at Bridge Business Recovery, has now left the business," he said. "The remaining partners are now working closely with the joint administrators."
A local legal firm, Peters & Peters, confirmed that they had received instructions to act "on behalf of James Bradney".
Founded in 2014, London-based IOTIC developed a novel platform (the “Platform”) to help organisations securely share and connect data across systems and teams. At its core is the Company’s proprietary “Digital Twin” technology, which creates virtual...
Specialising in the manufacture of cable and wire harnesses, the company provides a manufacturing facility which provides services such as wire stripping, electromechanical assembly, bespoke box builds, and modifications.
The business specialises in providing long-term, community-based care for individuals with complex physical and mental health needs. The company operates on a B2B basis, primarily focusing on providing support for individuals across the West Midlands...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.