Fairpoint Group plc: Disposal of Subsidiary

Fairpoint Group PLC

("Fairpoint" or "the Group")

Disposal of Subsidiary

 

 

 

Fairpoint Group plc (in administration) ('Group') announces the conditional sale of the entire issued share capital of its wholly owned subsidiary, IVA Insurance Limited to Barkol Limited.

 

The sale will be overseen by Group's Joint Administrators, Lindsey Cooper, Gareth Harris and Alexander Kinninmonth of RSM Restructuring Advisory LLP and will complete on confirmation of the purchaser's regulatory authorisation.

 

The relevant business address of RSM Restructuring Advisory LLP is 3 Hardman Street, Manchester M3 3HF.

 

IVA Insurance Limited is a reinsurance captive specialising in consumer claims. As at 31 December 2016, IVA Insurance Limited had gross assets of £624,798.

 

The consideration comprises a cash payment of £450,001, with an additional amount equivalent to cash balances held by the company being payable on completion. The consideration will form part of the proceeds available for distribution by the Joint Administrators to the creditors of Group.

 

For enquiries please contact

 

RSM Restructuring Advisory LLP

Gemma Moorhouse  gemma.moorhouse@rsmuk.com  

    0113 285 5000