The Birmingham office of an international business advisory firm has closed a prepack deal to safeguard more than 250 British jobs.
Will Wright, director of KPMG’s Birmingham restructuring team and Colin Haig of KPMG were appointed joint administrators of Norbain Group and its UK subsidiaries on June 29, following a 13 week Early Options sale and investment process.
Norbain is the largest UK distributor of CCTV, IP video, access control and intruder detection equipment, with turnover of £150 million.
On appointment the administrators completed an agreement to sell the assets of the UK business to Newbury Investments (UK).
The deal secured the ongoing trading of the company and all 250 UK staff have transferred to the purchaser.
Mr Wright said: “Norbain’s business was adversely affected by a decline in orders as customers decided to wait and see if the economy would improve before investing in infrastructure projects.
“The fall in income was a key factor in the company entering into administration.
“This deal marks a fresh start for the Norbain UK business and puts it on a more solid footing for the future.
“We received a great deal of interest from buyers keen to turn the business’ fortunes around.
“We are pleased that the process we ran allowed the company to avoid a full operational administration via a ‘pre-pack’, securing the UK jobs and protecting precious value.”
Norbain is based in Reading, with a distribution centre in Manchester and a national network of sales offices and overseas subsidiaries.
The administrators will now seek a purchaser for the businesses in South Africa, Benelux and Portugal.