Imtech UK in talks over sale

The trustees of Holland-based Royal Imtech, which was placed into bankruptcy earlier this week, have said that they are in talks with “interested parties” over a potential sale of the £645m-turnover UK and Ireland business.

Royal Imtech was placed into bankruptcy by a district court in Rotterdam after entering into administration earlier this week. Following this, two divisions Imtech Marine and Imtech Nordic have been sold.

Imtech UK said in its last published accounts, for the calendar year 2013, it had a turnover of £645 and employed more than 3,500 staff. A spokesman for Imtech UK and Ireland said: “Imtech UK and Ireland continues to trade independently with our management team remaining in control of the business, actively managing available resources to best advantage.”

Imtech Marine has been sold to Pon Holdings and Parcom Capital, while financiers have established a new limited liability entity within which Imtech Nordic will operate.

The sale provides access to capital allowing the two divisions to continue operations and secure the jobs of 7,300 Imtech employees of which around 1,300 employees are in the Netherlands.

Paul Peters and Jeroen Princen, the current administrators, have been appointed as trustees of Royal Imtech and said in a statement that they are “aiming to reach the same continuity for the other divisions that are not subject to creditor protection,” adding that they are “currently in discussions with potential buyers for the divisions and/or parts of Traffic & Infra, Imtech Spain, Imtech Belgium and Imtech UK / Ireland. In addition they have received expressions of interest in the Dutch part of the business”.

Jeroen Princen, trustee of Royal Imtech NV said: “Taking into account the complexity of the situation we are pleased with the progress booked so soon after the suspension of payments. The banks, as material owners of the Imtech divisions, have been able to reach unconditional agreement for the divestment of two divisions. We believe that in light of the circumstances and required urgency this step is beneficial to all stakeholders, including clients, suppliers and employees of the respective Imtech divisions.”