DEAL TO SECURE VFG BUSINESS IN SIGHT

THE receivers of VFG PLC, the specialist supplier of rented equipment that went into administrative receivership on December 20, have announced that their business, together with their principal assets and liabilities, have been hived down into a new company, VFG Trading Ltd.
VFG Trading, whose sole director and shareholder is VFG PLC (in administrative receivership), continues to trade under the control of the joint administrative receivers.
The joint administrative receivers also announced that they are in advanced discussions with certain members of the former management team with a view to agreeing a deal to sell VFG Trading Ltd. during the next week or so.
Commenting, receiver Blair Nimmo of KPMG Corporate Recovery, said: “I am pleased to say that the restructuring, which has the support of the major creditors, has enabled us to stabilise VFG and lay the foundations for a deal which will preserve the business as a going concern.”
(GB)