Riegens Lighting Limited (Riegens Lighting or the Company), based in Braintree, Essex and formerly one of the UK’s leading commercial lighting manufacturers, has transferred part of the Company’s business and assets to Riegens UK Limited a subsidiary of Riegens A/S, securing 15 jobs within the Company’s sales and sales support function.
Jason Baker and Geoff Rowley, partners at FRP Advisory LLP, the specialist restructuring and recovery firm, were appointed joint administrators when Riegens Lighting Limited entered into administration on 5 August 2013.
The joint administrators have been trading the Riegens Lighting business as a going-concern, while reviewing expressions of interest from potential purchasers.
Jason Baker, joint administrator and partner at FRP Advisory, said: “Riegens is an established and respected luminaire manufacturer and whilst interest was received from potential purchasers it was not possible to secure a buyer for the whole of Riegens Lighting to safeguard the whole of the Company’s business. The sale to Riegens UK Limited does however preserve the jobs of some staff members and represents the best outcome for creditors to Riegens Lighting.”
Claus Jensen, chief executive officer of Riegens A/S, based in Odense, Denmark said, “It is important that Riegens retains a presence in the UK and this sale provides us with the opportunity to restructure and reinforce the business operations in the UK with a strong product programme that highlights our many years of experience and lighting expertise, whilst offering customised solutions using the very latest energy saving technology. Riegens is firmly established as a leading supplier of tailor-made lighting solutions for Europe’s professional lighting markets”.