Blair Nimmo and Tony Friar of KPMG LLP, as Joint Interim Liquidators of The Scottish Coal Company Limited (Scottish Coal) and Joint Administrators of related company, Castlebridge Plant Limited (CPL), have today (Friday 10 May 2013), confirmed Hargreaves Services PLC as preferred bidder for certain assets of the companies.
A closing date for offers was set for Tuesday 30 April 2013. Following consideration of the offers received, the Interim Liquidators will now be working with Hargreaves to finalise the acquisition of various properties, plant and equipment and stocks owned by the companies.
Blair Nimmo, Joint Provisional Liquidator and Head of Restructuring at KPMG in Scotland said: “We are pleased to be working with Hargreaves on the proposed sale of various Scottish Coal assets.
“Given the complexities associated with the company’s financial affairs we expect the sale may take approximately four to six weeks to complete.
“These developments represent a positive step forward in our efforts to find the best possible way to resume mining and return employment to the affected areas, and in doing so help both communities and families.
“In the meantime, discussions with a variety of stakeholders including the Scottish Government and local authorities will continue in relation to various complex site related issues.”
Gordon Banham, CEO of Hargreaves Services PLC said: “We are pleased to have the opportunity to help rebuild a future for one of Scotland’s traditional industries. We remain fully committed to investing to create a successful and sustainable mining business in Scotland that is founded upon profitable sites that are operated in an environmentally responsible fashion.”