UK kitchen firm sold following administration

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News provided by Ansarada, secure virtual data room providers

UK-based kitchens manufacturer Smallbone has successfully been sold by its administrators.

The group had been placed into administration and PricewaterhouseCoopers (PwC) subsequently appointed to engineer its sale after the group ran into severe financial difficulties.

Almost instantly, PwC was successfully able to strike an agreement with Canburg, a business owned by the entrepreneur Leo Caplan.

If the group had been unable to find a buyer, it could have employed the services of a secure, virtual data room to quickly sell off assets in an online environment.

When using a data room, such as the ones provided by Ansarada, documents and accounts can be exchanged safely with customised encryption settings.

Smallbone said in a statement to the London Stock Exchange: "The sale secures the employment of over 400 staff and protects the position of customer deposits taken by the companies prior to the administration."

Meanwhile, the UK property firm Cadenza has been placed into voluntary liquidation by its owner as a result of lending complications following the Landsbanki collapse.