Fairview Architectural administrators Grant Thornton have formerly received a DOCA proposal from FVA Group - staffed by former management of Fairview Architectural, under which creditors will be paid in full and all 52 jobs preserved. At least ten other concerns are expected to tender their offers. If any one exceeds the FVA Group offer, sources indicate what is known as an 'Embarassment Clause' can be invoked, giving FVA Group the opportunity to increase its offer.
The full company statement follows:
Bids to buy the Fairview Architectural business have included a fully funded rescue package by FVA Group (which includes key managers from Fairview), who currently holds the licence to supply and honour specific warranties for Fairview’s range of products.
A number of entities have expressed an interest in acquiring Fairview – and its broad product portfolio – which is currently operating under the administration of Grant Thornton.
FVA Group has now formally submitted a binding Deed of Company Arrangement (DOCA) that includes undertakings to pay every genuine company creditor in full, save all of the company’s 52 regional jobs, as well as plans for future acquisition and growth.
Grant Thornton may wish to extend its administration period of the company – by three to eight weeks – to permit full due diligence on the Fairview business, by key stakeholders and creditors.
End of company statement
