Fri, 12 Oct 2012 | BUSINESS SALE
Ricardo, an engineering and consulting business, is set to buy AEA Technology plc (AEA Europe) out of administration.
The purchase will be funded through Ricardo's cash resources and bank facilities and is thought to be costing the consultancy firm around £18 million.
AEA hit administration when it was unable to find a “long-term solution” to its net debt and the ongoing funding costs of retirement benefit obligations. In fact, the firm said that its financial obligations were found to be “considerably greater” than the value of the company as a whole, noting that the realistic proposals “contemplated the sale of the underlying businesses and assets of the group”.
The administration and impending sale has come in spite of the fact that it held “constructive” discussions with Lloyds Banking Group, securing £5 million in short-term funding.
The business appointed Angus Martin and Philip Bowers of Deloitte as joint administrators, while William Wright and Mark Orton of KPMG will work as the administrators of its subsidiaries.
AEA Technology has offices in Cardiff, Glengarnock, London and Didcot, as well as a base in Cheshire. In total it employs more than 1,000 staff
The company provides quality artificial grass for the commercial, residential, education, entertainment and sports sectors. Operates to a high standard following a bespoke process created in-house, providing a first class service and ensuring all pro...
Offers comprehensive suited fire safety solutions including fire door inspections, passive fire surveys, fire extinguisher service and installation, fire risk assessments as well as on-site fire warden and basic fire awareness training. Additional tr...
The company provides a comprehensive range of plumbing, heating, electrical and security services, including installations, maintenance, replacement, and repairs. Additionally, it supplies renewable energy services, such as heat pumps, biomass, solar...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.