21.09.2006

Universal to be broken up

This morning KPMG the administrator for Universal Aerial Platforms Ltd, the London based powered access rental company, held its first creditors meeting in London.

We can now confirm that the telecom line of sight business has been sold, to Tyco Electronics UK Ltd of Swindon apparently for the sum of £180,000.

We understand that the Spanish rental company is subject to an offer and is close to being sold, subject to due dilligence.

A number of parties are said to be interested in the UK aerial lift operation with at least two of them in serious negotiations, which are continuing.

KPMG has said that it now looks possible that non secured creditors will at least receive a reasonable "dividend" from the administration process.

As soon as we have more precise information from KPMG, that we can publish, we will update this item.