Wed, 14 Mar 2012 | ADMINISTRATION
Technology business SafeTIC UK has been rescued out of administration, securing around 40 jobs.
Its joint administrators, Craig Povey and Kevin Murphy of corporate recovery company Chantrey Vellacott DFK, handled the sale to new owner French firm Butler Capital Partners. Stephen George from legal firm Squire Sanders also acted on the deal.
The deal involved the sale of SafeTIC UK’s assets for an undisclosed amount. The firm, which is involved in biometric fingerprint technology systems, high level building security systems and defibrillator technology, will now trade as Butler Safe Technologies.
SafeTIC UK itself was part of France-based SafeTIC Group. It has offices in Birmingham, Manchester, Edinburgh and London.
Commenting on the deal, Mr Povey said, “SafeTIC UK Limited was a market leading company in the production of digital fingerprint readers, heart defibrillators and technology behind high security systems found in places such as childcare centres and gyms.”
“The company ran into difficulties after running up around £1 million of HMRC arrears in PAYE and VAT and was forced to file for administration in February.”
The newly-named business is to focus on supplying defibrillators and biometrics access control across Britain.
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