Berkeley Berry Birch PLC
22 March 2006
Appointment of administrators
The Directors of Berkeley Berry Birch plc ('BBB' or 'the Company') have
completed their assessment of the BBB Group's financial position following the
disposal of the businesses of its major subsidiaries. The major creditor of the
Company is the Berry Birch & Noble Staff Pension Fund, which has actuarially
estimated its buy out deficit at £11.2 million. This compares with the pension
scheme deficit of £3.2 million calculated under IAS19 and included in the
Company's unaudited consolidated interim accounts as at 30 September 2005.
The Directors have concluded that it is reasonably likely that administration
will achieve a better result for the Company's creditors as a whole than would
be likely if the Company were to be wound up and, accordingly, Finbarr O'Connell
from KPMG has been appointed as administrator in respect of the Company
following a hearing in the High Court.
Rob Hunt, Mark Hopkins and Mark Batten from PricewaterhouseCoopers have been
appointed as joint administrators in respect of the following BBB subsidiaries,
Berkeley Independent Advisers Limited, Berry Birch & Noble Financial Planning
Limited and Berry Birch & Noble Financial Planning (Weston) Limited, all of
which have sold their businesses and are no longer trading. In addition, Rob
Hunt and Mark Hopkins have been appointed as joint administrators of Berkeley
Berry Birch Group Support Services Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
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