BusinessBusiness RecoveryKPMG secures sale of steel manufacturer

KPMG secures sale of steel manufacturer

KPMG, joint administrative receiver to steel manufacturer ASW Holdings, has today reached an exclusivity agreement with Celsa Group for the sale of parts of ASW Holdings.

Link: For other business recovery news

The agreement means Celsa Group, a leading steel manufacturer, will buy the majority of the real property and certain plant and machinery of ASW Holdings’ Cardiff site. Some jobs at Cardiff could still be saved as a result.

It is hoped the deal will be finalised in January 2003. Specific details are unclear at present given that the terms of the agreement are subject to confidentiality clauses.

A statement from KPMG said that it is hoped that certain steel making operations would recommence in Cardiff in the future. But, the company’s Sheerness site will cease production over the next three weeks. Some 190 Sheerness employees will be made redundant.

Richard Hill and Roger Oldfield, KPMG joint administrative receivers, said: ‘We are pleased to announce the agreement reached today with Celsa Group and we hope that completion of the proposed site will enable steel making to return to Cardiff.’

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

3m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

4m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

6m Alia Shoaib, Reporter
Manor Racing Formula One team company enters administration

Business Recovery Manor Racing Formula One team company enters administration

9m Stephanie Wix, Writer
Oil and gas sector insolvencies hit “new high”

Accounting Firms Oil and gas sector insolvencies hit “new high”

9m Stephanie Wix, Writer
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

7m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

8m Emma Smith, Managing Editor
Business confidence drops to second lowest level since 2011

Business Recovery Business confidence drops to second lowest level since 2011

9m Stephanie Wix, Writer