ONE OF the UK’s most senior restructuring experts has been called in to work with Margaret Hodge’s family business.
Simon Freakley, chief executive of Zolfo Cooper Europe, is working with the owners of steel-trading business Stemcor after it missed a repayment deadline, reports the Telegraph.
The company has entered into a restructuring and cost-cutting programme, which has seen its lenders give Stemcor a 100-day respite, which began on 7 June, with Freakley set to lead the programme and bank negotiations.
Stemcor is 71% owned by the Oppenheimer family, of which Margaret Hodge MP’s father Hans Oppenheimer founded the company.
Freakley has worked on a number of major national and international restructuring cases, including the administration of Clinton Cards that saw more than half its 784 stores sold to new owners.
Zolfo Cooper confirmed that Freakley has been working with Stemcor, Stemcor’s management and the company’s lenders since 17 May.
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