Pre-pack saves jobs at CCTV firm
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AROUND 250 jobs have been saved at CCTV equipment distributor Norbain following a pre-packaged administration deal.
Norbain is a £150m turnover business based in Reading with a distribution centre in Manchester and a national network of sales offices and several overseas subsidiaries. It employs more than 250 people in the UK.
The company distributes CCTV, IP video, access control and intruder detection equipment. Following a 13-week Early Options sale and investment process Will Wright, of KPMG’s Birmingham office, together with his colleague Colin Haig were appointed joint administrators of Norbain Group Ltd and its UK subsidiaries.
On appointment, the joint administrators completed an agreement to sell the assets of the UK business to Newbury Investments (UK) Ltd. The deal secured the ongoing trading of the company and all 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.”
The administrators are now seeking a purchaser for Norbain’s businesses in South Africa, Benelux and Portugal.