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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Metalrax Group | LSE:MRX | London | Ordinary Share | GB0005838247 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMRX
RNS Number : 3523B
Metalrax Group PLC
02 April 2013
387 jobs saved at AIM-listed Metalrax Group Plc
Will Wright and Mark Orton from KPMG have today 2 April been appointed joint administrators to AIM-listed Metalrax Group Plc, and its subsidiaries Metalrax Engineering Support Services Limited, Metalrax Specialist Applications Limited and Down & Francis Industrial Products Limited.
On appointment, the administrators sold the business and assets of the niche engineering group to a group of companies headed by Bowman Birmingham Limited. The group will trade as Arc Specialist Engineering and is backed by specialist private investors who have committed to a significant investment programme in the company. In addition, as part of the transaction, solvent share deals were completed for two companies within the Group, both of which were not affected by the insolvency process - Metalrax Housewares Limited, which was sold to Cable Capital Partners Limited and Metalrax Overseas Holdings Limited, which was also sold to Arc Specialist Engineering - securing a total of 387 jobs.
Will Wright, joint administrator from KPMG said:
"The Group has experienced difficult trading conditions for some time, primarily within their consumer durables division. While the Group's management team has divested in recent years to focus upon niche areas, trading in this division has led to a significant drain on the Group's financial situation.
"Being able to sell the business and assets, together with shares in solvent businesses within the Group, has been a great solution to securing a future for the business and more importantly just under 400 jobs."
ENDS
Notes to editors: -
Location and employee numbers by businesses within the Metalrax Group Plc --------------------------------------------------------------------------- Business Location Number of employees --------------------------- ------------------ -------------------------- Metalrax Group Plc Alvechurch 6 --------------------------- ------------------ -------------------------- Metalrax Engineering Support Services Limited Wolverhampton 57 --------------------------- ------------------ -------------------------- Metalrax Specialist Luton & Redditch 58 (Luton); 77 (Redditch) Applications Limited --------------------------- ------------------ -------------------------- Down & Francis Industrial 0 (holding company) Products Limited ----------------------------------------------- -------------------------- Businesses sold as part of the transaction but not affected by the insolvency process --------------------------------------------------------------------------------- Business Location Number of employees ---------------------------- ------------------------ ------------------------- Metalrax Housewares Burnley, Great Ryburgh 100 (Burnley); 15 (Great Limited & Oldbury Ryburgh); 39 (Oldbury) ---------------------------- ------------------------ ------------------------- Metalrax Overseas Holdings Limited Kentucky, US 35 ---------------------------- ------------------------ -------------------------
For further information please contact:
Julie Marshall, All Round Communications
Tel: 07921 251106
Email: Julie@allroundcommunications.co.uk
About KPMG
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of GBP1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUUROROWASRAR
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