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Press release from PKF (UK) Ltd
22 February 2007
Blackpool Automotive Limited in Administration
PKF Partners and Joint Administrators of Blackpool Automotive Limited yesterday evening completed the sale of the main assets of the company for an undisclosed sum to a company controlled by Nikolai Smolensky.
The sale included the TVR trademarks, certain vehicle stock, work-in-progress, and the manufacturing plant and equipment.
In a statement, joint administrators Philip Long, Kerry Bailey and Matthew Gibson said:
“Having advertised the assets of the company to the open market, we are confident we have achieved the best possible price in the circumstances and we are now looking to return money to the creditors as quickly as possible.
“While we had a significant number of companies expressing an interest, four demonstrated they had the funds required to enter a bidding process. Ultimately, Mr Smolensky’s company came in with the highest offer.”
22 February 2007
Blackpool Automotive Limited in Administration
PKF Partners and Joint Administrators of Blackpool Automotive Limited yesterday evening completed the sale of the main assets of the company for an undisclosed sum to a company controlled by Nikolai Smolensky.
The sale included the TVR trademarks, certain vehicle stock, work-in-progress, and the manufacturing plant and equipment.
In a statement, joint administrators Philip Long, Kerry Bailey and Matthew Gibson said:
“Having advertised the assets of the company to the open market, we are confident we have achieved the best possible price in the circumstances and we are now looking to return money to the creditors as quickly as possible.
“While we had a significant number of companies expressing an interest, four demonstrated they had the funds required to enter a bidding process. Ultimately, Mr Smolensky’s company came in with the highest offer.”
Hope there is a not a problem with duplicating here on PH, if so Mod's feel free to remove.
Edited by touching cloth on Thursday 22 February 17:10
Bollox bollox bollox and more absolute bollox
Im not going to utter what I think of that little prick at the moment
RIP TVR
Ive just developed another reason to hate this country and its goverment
Oh knackers
What a complete load of shit implimented by that little cossac c
t
Im not going to utter what I think of that little prick at the moment
RIP TVR
Ive just developed another reason to hate this country and its goverment
Oh knackers
What a complete load of shit implimented by that little cossac c
t Edited by jagdpanther on Thursday 22 February 17:12
I saw that coming, it was the only obvious solution to the situation i'm afraid. Having had the information from PKF and discussed the options with several parties about acquiring the assets, there was always the cloud hanging overhead about the liabilities, he was always the main creditor therefore giving him the upper hand.
I just hope he outs Oxley and gets someone with experience to sort this mess out, cos is it a bloody mess!
I just hope he outs Oxley and gets someone with experience to sort this mess out, cos is it a bloody mess!
The fact that they accepted only sealed bids struck me as a bit underhand. I know it's a valid bargaining method but they hardly engender good feeling when Melling (or absolutely anyone else) might have gotten close, or be prepared to up their bids if they knew what they were up against.
Should have gone for auction. At least if Moleskin still wanted it, he might have been forced to pay more for it.
It's probably the death of the company now.
Incidentally, did the workers ever get their redundancy payments Moley so desperately wanted to pay them?
Should have gone for auction. At least if Moleskin still wanted it, he might have been forced to pay more for it.
It's probably the death of the company now.
Incidentally, did the workers ever get their redundancy payments Moley so desperately wanted to pay them?
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