Pipe manufacturer calls in administrators as US operation sold

AIM-listed pipe manufacturer Tricorn has finally fallen into administration.

Mike Denny and Mark Firmin of Alvarez & Marsal have been appointed as joint administrators to the  Tricorn Group.

Immediately following the administrators’ appointment, Tricorn USA, a subsidiary of the company, was sold to Lander Holdings via a pre-pack deal. Tricorn USA has been supplying piping and tubing solutions globally for more than three decades.

Lander is an automotive supplier based in Birmingham, which specialises in fluid and air transfer systems, welded structures, interior trim products, and plastic tubular assemblies.

The sale of Tricorn USA follows the sale of the business and assets of Tricorn UK to Lander in September last year, which was also led by Alvarez and Marsal.

Mike Denny, managing director, Alvarez & Marsal, said “The lasting effects of the pandemic and rising input costs in recent months have left many businesses struggling. We are pleased to have secured a future for the business through a going concern sale to a strategic buyer, which preserves over 100 jobs and provides a platform for growth under new ownership.”

Tricorn admitted to running out of cash last September and filed a notice to appoint administrators.