Published on July 8th, 2016 | by The GC Team7
Linsar UK acquired by Tempo Group [ARTICLE UPDATED]
UPDATE: Linsar UK Ltd in administration
Poole-based TV supplier Linsar UK Ltd has been placed into administration following financial difficulties and the threat of a winding-up petition by one of its creditors.
A pre-packaged sale of part of the company’s assets has been made to Australian consumer goods sourcing and distribution business Tempo Group for the sum of £102,500 – “goodwill” amounting to almost £80,000 of that figure and the balance comprising business intellectual property rights, spare parts, customer contracts, certificate of approval, stock and office equipment.
Linsar directors Barry Kick and Terry Reed have been retained by Tempo but will not be directors or shareholders in the new business.
Linsar had released information to the press early in July stating that Tempo Group had acquired the brand and its assets, but made no mention of the fact that the business was in administration (Original story below).
According to the administrators, unsecured creditors include Vestel Limited and HM Revenue & Customs.
Linsar UK acquired by Tempo
Poole-based Linsar UK has been acquired by Australian consumer goods sourcing and distribution business Tempo Group.
In a statement released today, the company said it had acquired the Linsar brand and assets, effective immediately. “This acquisition will enable the Linsar brand to develop significantly in the UK and beyond, backed by a first class supply chain and product range.”
A spokesperson for Linsar, which was established in 2006, said: “Linsar are delighted with the acquisition of the brand by Tempo. It will secure the future of the Linsar brand and further develop its value to our amazing customers.”
Tempo is a supplier to the home appliance market place in Australia, New Zealand, the UK and the USA and has offices in Australia, Northern China, the UK, Europe and the USA.
A spokesperson for the company said: “Tempo is excited to have the Linsar brand in the family, and together we will continue the Linsar story.”