Will Wright and Colin Haig of KPMG were appointed joint administrators of Norbain Group Limited and its UK subsidiaries on 29 June 2012. Norbain is a distributor of CCTV, IP video, access control and intruder detection equipment. It is headquartered in Reading, Berkshire, and has a distribution centre in Manchester and a national network of sales offices. It employs over 250 people in the UK.
Immediately upon appointment the joint administrators completed an agreement to sell the assets of the UK business to Newbury Investments (UK) Limited. The deal secured the ongoing trading of the company and all UK staff have transferred to the purchaser.
Will Wright, joint administrator at KPMG, commented: “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. We received a great deal of interest from buyers keen to turn the business’ fortunes around. We are pleased that the process we ran allowed the company to avoid a full operational administration via a ‘pre-pack’, securing the UK jobs and protecting precious value.”
The administrators will now seek a purchaser for the businesses in South Africa, Benelux and Portugal. Interested parties should contact KPMG on 0121 232 3000.
- ENDS -
Notes to editors:
For press enquiries please contact
PR Manager, KPMG:
T: +44 (0)117 905 4337
KPMG Press Office : 020 7694 8773
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 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 article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.