UK crawler crane manufacturer NCK will not be sold as a going concern, the administrative receiver negotiating the rescue of its parent company has confirmed.
Bob Young, of the insolvency practice Poppleton & Appleby, said that an offer has been accepted to buy just the assets of NCK, rather than as a going concern. Price and buyer would be disclosed when the deal had been finalised, Young said, which he expected to be in about two weeks.
Poppleton & Appleby was called in by NCK’s parent company, Staffordshire Public Works (SPW), in April. While most of SPW’s concerns are to be sold back to the original shareholders, NCK had proved a millstone to the group and was being shed.
Young is convening a meeting of SPW creditors for the end of June where an offer will be made to creditors of the other SPW companies to accept a settlement to preserve the remaining companies as going concerns, enabling them to be returned to their previous management.
