A buyer could be found for at least part of Barcud Derwen this week, staff at the troubled Welsh facilities group have been informed.
A memo circulated last Thursday stated that management were “confident” that administrators from Grant Thornton would secure a buyer or buyers.
Broadcast understands that bids have been received for various divisions within the group, and for individual assets within those divisions.
These assets include a multimillion pound OB truck operated by its Omni division. The truck is said to be the subject of offers from two rival OB companies.
Senior management are also said to be discussing a buyout that would include the assets of 422 South in Bristol, Derwen and Eclipse Creative in Cardiff, Arc Facilities in Scotland and Bristol-based production company Burning Gold.
Barcud Derwen was placed under the control of administrators on Monday (14 June 2010).
The Caernarfon division of the group, which employs approximately 30 staff, was closed with immediate effect.
Alistair Wardell, Cardiff-based Partner of Grant Thornton UK LLP, said the joint administrators and Grant Thornton staff were working towards achieving a sale of the business and assets of the companies, with the exception of the Caernarfon division.
“While the group has suffered difficult trading conditions in recent times, there remain a number of very good businesses within it, which we are working very hard to secure,” said Wardell.
“We have been encouraged by the response of possible purchasers and we continue to hold discussions with a number of them.”
Company directors decided last month that Barcud Derwen would be unable to trade through current “cashflow difficulties” and that a buyer should be sought (Broadcast, 28.05.10).
The company’s Assembly division recently lost a contract to broadcast live proceedings from the Welsh National Assembly (pictured).
No comments yet