Business Recovery - To the receivers.
Grant Thornton partners Neil Tombs and Andrew Menzies were appointed joint administrators of Porter and Woodman Ltd on 12 February. It was revealed in December 2000 that the company made a loss of #155,000 in the previous 11 months, as sales at Christmas dipped. According to Tombs, ‘the quality of the customer base and the trading potential for the business leads us to believe a sale is achievable’.
Ian Stokoe and Roger Marsh of PricewaterhouseCoopers have been appointed administrators for Euro Telecom Corporation, a fibre-optics network firm. After raising #15m last March, the parent company, AIM-listed holdings company Euro Telecom Communications, launched two pilot projects in Manchester and Cambridge, burning the raised cash. ‘We are looking to sell the business or procure a company voluntary agreement,’ said Stokoe.
Roger Oldfield and Jane Moriaty of KPMG corporate recovery continue negotiations in the administration of women’s clothing creator and wholesaler Frank Usher Ltd, after being appointed on 19 February. Administrators continue to run the business as usual.
On February 23, joint administrative receivers Keith Hinds and Gerald Smith of RSM Robson Rhodes sold Bamforth & Co., a subsidiary of printers ETW Dennis & Sons Ltd to Leeds-based Fresh Faces Ltd. The administrators are selling the parent company’s assets after ETW was declared insolvent in June 2000.