B3 Industries Calls in KPMG Administrators
Colin Haig, Paul Flint and Allan Graham from KPMG Restructuring have been appointed joint administrators to two subsidiaries of B3 Industries Limited, the copper cable and optical fibre manufacturer with headquarters in Blackley, Manchester.
The subsidiaries comprise Manchester Cables Limited, based in Blackley, and FTTX Limited, also based in Blackley but with a distribution site in Sweden.
Operations at Manchester Cables Limited and FTTX Limited are continuing on a limited basis while the administrators explore opportunities for a going concern sale. There have been no redundancies amongst the two companies’ 100 staff.
Commenting on the administration, Paul Flint, joint administrator and associate partner at KPMG, said: “We will be liaising closely with customers, suppliers and employees over the coming days as we explore sale options for the Manchester businesses. We would encourage anybody interested in acquiring them to contact the administrators as soon as possible.”
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.
Tri-wire Limited, based in Normanton, West Yorkshire, is not affected by the administration and continues to trade as normal.
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.
Parties that have an interest in the business or assets are invited to make early contact with Paul Flint at KPMG in the first instance.