Archial saved but shareholders get nothing
Canadian rival Ingenium has acquired insolvent architectural group Archial, which has an office in Manchester.
Administrator PriceWaterhouseCoopers said the UK businesses and certain assets of Archial Architects and Alsop Sparch had been sold to the newly formed Ingenium Archial.
PwC has been running the business as a going concern since it was appointed as administrator on 21 September.
David Chubb, joint administrator and partner at PwC said: "We are delighted to be able to secure this sale and provide business continuity for customers, suppliers and employees alike in these uncertain times. Trading a professional services business in administration is extremely difficult and this success has only been possible as a result of the support of all these stakeholders. I would like to thank them for their assistance throughout this difficult period."
Shares in Archial Group Plc were suspended from the Alternative Investment Market on 17 September 2010 following presentation of winding-up petitions, and the company and a number of its subsidiaries went into administration on 21 September. Following the insolvency of the companies, there will not be any value realised for the holders of the suspended shares.
Archial employs between 400 and 500 staff compared to 800 at Ingenium.