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YMG open for bids ahead of administration?

12.20am 20th April 2009 - Corporate - This story was updated on Friday, April 9th, 2010

“Is YMG heading for a ‘pre-pack’?” was the question on people’s lips over the weekend after a firm of insolvency practitioners called Albert Goodman confirmed that they expected to be appointed administrators of the company on Tuesday 21st April.

A few people have been asked if they would be interested in putting in an offer for the company but when Albert Goodman were approached for more details by Golf Business a spokesperson said that no press release would be issued because there was ‘no time’.

GBN’s man pointed out that any information supplied could be made freely available to the industry on the internet within a few minutes and left his contact details but so far the firm has not taken advantage of the offer.

A ‘pre-pack’ administration is one where a company goes into administration but is immediately bought from the administrator by some or all of the people who were previously in charge. This preserves jobs but tends to let down creditors, the tax man and any shareholders who are not part of the new regime.

The deadline for bids is understood to be Tuesday, 21st April, and anyone interested can contact Laurence Russell at Albert Goodman for more details on Tel. 01823 286096.

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