It was announced on Monday that Norbain had been sold to Newbury Investments in a “pre-pack” administration deal, for an undisclosed sum.
Speaking yesterday, Simon Shawley, general manager for the UK and Ireland, confirmed to SecurityNewsDesk that the company is a “major creditor”.
Commenting on the controversial pre-pack administration agreement that saw Norbain sold to Newbury Investments on June 29, Simon Shawley is both critical and realistic: “The way it’s been done has not been particularly well received by the industry in general and I don’t personally like the tactic.
“We’re waiting to learn the full facts in upcoming meetings with the administrator and ‘new Norbain’. We see this as a new company that we should talk to – we’re not going to cut off our nose to spite our face and will be practical in terms of both dialogue and limiting the damage this does to our business.”
Mr Shawley adds that: “This is good for the staff involved, as it brings some protection and a breathing space for everyone. It’s clearly been very difficult for Norbain over recent years and there is still a question mark over the future for the company’s international operations, so this story has some way to go.”