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.’
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens