Fri, 12 Oct 2012 | BUSINESS SALE
Ricardo, an engineering and consulting business, is set to buy AEA Technology plc (AEA Europe) out of administration.
The purchase will be funded through Ricardo's cash resources and bank facilities and is thought to be costing the consultancy firm around £18 million.
AEA hit administration when it was unable to find a “long-term solution” to its net debt and the ongoing funding costs of retirement benefit obligations. In fact, the firm said that its financial obligations were found to be “considerably greater” than the value of the company as a whole, noting that the realistic proposals “contemplated the sale of the underlying businesses and assets of the group”.
The administration and impending sale has come in spite of the fact that it held “constructive” discussions with Lloyds Banking Group, securing £5 million in short-term funding.
The business appointed Angus Martin and Philip Bowers of Deloitte as joint administrators, while William Wright and Mark Orton of KPMG will work as the administrators of its subsidiaries.
AEA Technology has offices in Cardiff, Glengarnock, London and Didcot, as well as a base in Cheshire. In total it employs more than 1,000 staff
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