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©jakub-krechowicz-dreamstime.com Electronics Production | March 15, 2012

Simclar plant sold for peanuts

Part of Simclar's manufacturing operations has sold for only 134,000 pounds (162,250 euro), putting an exclamation on the company's massive fall from grace.
Filings by Joint Administrators from Deloitte, dated 2 February 2012, reveal that part of the Simclar's business responsible for producing components for bus manufacturer Alexander Dennis, have sold for only £133,500.

Completed on 21 September 2011, the sale included stock, plant and equipment and the transfer of 70 staff.

A new company called Greenfold Systems Ltd (GSL) owned by investors Bill Taylor, Ivan McKee and Adrian Gare was formed following the sale.

On 27 June 2011 John Reid and Bill Dawson were appointed Joint Administrators of Simclar following a filing by Simclar's founder Sam Russell.

The Joint Administrators said in their report that they continue to market Simclar International's remaining assets - seven industrial properties in Dunfermline. The file reveals that The Bank of Scotland was owed 28,301,080 pounds, but would be unlikely to retrieve any money.

106 former employees have claims that are being heard in Tribunal court on 28 March 2012 – the creditors said they expect to pay up to 83,000 pounds to the claimants depending on the ruling.

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Source: heraldscotland.com
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