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.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children