Brimar sale attracts 50 foreign firms
ADMINISTRATORS handling the military electronics firm Brimar say they have received 50 expressions of interest from international bidders.
Dermot Power and Tony Nygate of accountancy firm BDO were appointed to the Manchester-based business on November 9.
It employs about 90 staff in Middleton, and two sites in the US, who make thermal imaging systems and electronic displays for tanks, aircraft and helicopters, such as the Apache.
The business also services the film and TV business, a division which harks back to its origins making valves for radios and cathode ray tubes for televisions.
Mr Nygate said: “Brimar has an incredibly strong, global sector reputation and a substantial long-term blue chip client base. As we expected, we are already seeing a significant amount of international interest from potential acquirers.
“After our appointment, our immediate priority was to ensure that business continued as usual. Now, and over the coming weeks, we are looking to speak with as many potential buyers as possible to ensure we find the very best fit for Brimar.
“The sale of the company represents a significant step to safeguard not only creditors, but also the jobs of a highly skilled workforce currently employed by the company, as well as the production of Brimar’s strategically important products.”
In the year to December 2011 Brimar posted an £800,000 loss on sales of £12m, up 9%. In its accounts it said margins had been squeezed by a shortfall in defence orders from the US.
Over the years it has been part of many companies including Edison Swan Electric, Mazda, Baird Television, Ferranti, EMI, Thorn, Marconi and The Rank Organisation. It is now owned by Giles Briggs Holdings, which is in turn owned by PH Giles & Co whose main shareholder is Peter Giles. Both companies are registered to an address in Ashley, Cheshire.
