Winterhill Largo to trade out of Africa

WINTERHILL Largo has expanded its international network with the launch of two offices in Africa and a new asset disposal contract win in the region.

The asset recovery and support group has been instructed by the administrative receivers of InterChem Pharma – a Tanzanian pharmaceutical manufacturer based in Moshi, on the slopes of Mount Kilimanjaro – to dispose of the company’s manufacturing assets to the world market.

The large-scale pharmaceutical plant ceased production in 2011 and manufactured a range of generic medical and veterinary pharmaceutical products including tablets, syrups and blister-packed drugs.

Winterhill Largo, headquartered in Blackburn, will conduct a global online auction of InterChem Pharma’s assets.

The company’s two new African offices will be in located in Nairobi, Kenya and Dar es Salaam in Tanzania.

The offices will initially provide plant and machinery valuation and disposal advice to insolvency and restructuring professionals, financial institutions, banks and investors.

Winterhill Largo chief executive Neil Duckworth said: “Our two new offices in Kenya and Tanzania give us a firm foothold in the growing African market, where we already have a significant number of clients, including our new asset disposal appointment at InterChem Pharma in Tanzania.

“Our new African operations are a significant development in what is an exciting period of global expansion for Winterhill Largo. Coming in the wake of new operations in Brunei, Indonesia, Malaysia and the UAE; the Kenyan and Tanzanian offices take our tally of overseas bases to seven.

“As our strategy of organic growth and acquisitions in the UK and overseas continues apace, we expect to be making further announcements in the coming months.”

Following a merger with debt recovery firm Largo in 2010 and the acquisition of surveyors and real estate practice David Currie & Co in July 2011, Winterhill Largo now operates from five UK offices in London, Blackburn, Manchester, Liverpool and Wakefield, in addition to seven overseas offices.