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Unique for sale after judge ruling

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Author: WildC@rd

Unique Distribution commercial director David Hinc is to lead a potential management buyout of the business following a court ruling on April 29. In Southwark Crown Court, a judge ruled that managing receiver Chantrey Vellacott, appointed by HM Revenue and Customs (HMRC) after it launched a VAT fraud investigation against Unique parent company IGB, had the right to sell the business. Hinc told Mobile News that Unique was now officially for sale and that he would be canvassing support for a management buyout. “I have spoken with interested parties who have, in theory, said they would be willing to support a management buyout of Unique,” said Hinc. “I would also be interested in speaking with potential new investors. We will be engaging with Chantrey Vellacott on the sale of Unique, although it is legally bound to take the best offer.” Chantrey Vellacott partner David Ingram said he would be taking offers until the close of business on Friday May 2. "So far we have had a good level of interest from companies within the mobile industry," said Ingram. The sale would include Unique's intangible assets such as its intellectual property and premises. Offers could also include warehouse stock worth Ј3 million, though Ingram said he would look to make this sale separately in due course. Ingram also pointed out that the buyer would not assume any of Unique or parent company IGB's liabilities.
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