/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/250117.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, January 17, 2025, Vol. 26, No. 13 Headlines G E R M A N Y GRENKE AG: Fitch Assigns 'BB-' Final Rating on EUR200MM AT1 Notes K A Z A K H S T A N AB KAZAKHSTAN: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable T U R K E Y ANADOLU EFES: Fitch Lowers LongTerm IDRs to 'BB', Outlook Stable TURKIYE IS BANKASI: Fitch Rates USD500MM Add'l Tier 1 Notes 'B-' U N I T E D K I N G D O M CONNECT MODULAR: FRP Advisory Named as Administrators FABLINK (NORTHAMPTON): Ernst & Young Named as Administrators GENUINE SOLUTIONS: FRP Advisory Named as Administrators LENUS HEALTH: FRP Advisory Named as Administrators PREFIX SYSTEMS (SOUTH): Leonard Curtis Named as Administrators PREFIX SYSTEMS HOLDINGS: Leonard Curtis Named as Administrators ULTIMATE CREATIVE: FRP Advisory Named as Administrators VOLTVISION LIMITED: Opus Restructuring Named as Administrators WERRENS BEDFORD: Oury Clark Named as Administrators WHARFSIDE INDUSTRIAL: Ernst & Young Named as Administrators WINDOW DESIGNS: Oury Clark Named as Administrators X X X X X X X X [*] BOOK REVIEW: Taking Charge - - - - - ============= G E R M A N Y ============= GRENKE AG: Fitch Assigns 'BB-' Final Rating on EUR200MM AT1 Notes ----------------------------------------------------------------- Fitch Ratings has assigned Grenke AG's (BBB/Stable) issue of EUR200 million additional Tier 1 (AT1) notes a final long-term rating of 'BB-'. Fitch expects the notes proceeds to be used to redeem Grenke's existing AT1 notes of EUR200 million in aggregate and, consequently, no material change to Grenke's capitalisation and issuer ratings. Fitch rates Grenke as finance and leasing company under its Non-Bank Financial Institutions Rating Criteria. However, given Grenke's prudentially-regulated status and the relevance of its deposit-taking bank subsidiary (Grenke Bank AG), Fitch uses its Bank Rating Criteria to assess certain aspects of Grenke's credit profile, such as the operating environment, capitalisation and leverage, funding and liquidity - and has also assigned ratings to the AT1 issuance under Fitch's Bank Rating Criteria. Key Rating Drivers Grenke's AT1 notes are rated four notches below its 'BBB' Long-Term IDR, comprising two notches for loss severity, due to deep subordination, and two notches for incremental non-performance risk relative to the IDR, given their fully discretionary, non-cumulative coupons. The notching is in line with Fitch's baseline notching for AT1 instruments as outlined in its Bank Rating Criteria. Fitch has not applied additional notching for non-performance risk as Grenke operates with comfortable headroom above its mandatory coupon-omission trigger, which Fitch expects to continue. At end-September 2024, the buffer above the maximum distributable amount restriction point was 523bp of risk-weighted assets of EUR6.6 billion. In addition, the AT1 notes are subject to an available distributable items (ADI) provision, with end-2023 ADI of EUR477.4 million covering annual estimated interest expenses by around 11x. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The notes would likely be downgraded if Grenke's Long-Term IDR is downgraded. The rating could also be downgraded if non-performance risk increases relative to the risk captured in its Long-Term IDR. This could result from an unfavourable change in capital management or flexibility, or an unexpected decline in capital buffers over regulatory requirements, for example. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The notes would likely be upgraded if Grenke's Long-Term IDR is upgraded. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Grenke AG junior subordinated LT BB- New Rating =================== K A Z A K H S T A N =================== AB KAZAKHSTAN: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable -------------------------------------------------------------- Fitch Ratings has affirmed AB Kazakhstan - Ziraat International Bank JSC's (KZI) Long-Term (LT) Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+'. Fitch has also affirmed the bank's National LT Rating at 'BBB(kaz)'. The Outlooks are Stable. Key Rating Drivers KZI's IDRs and the National LT Rating reflect potential support from the bank's parent, Turkiye Cumhuriyeti Ziraat Bankasi Anonim Sirketi (Ziraat; B+/Positive/b+), as reflected by its Shareholder Support Rating of 'b+'. High Support Propensity: Fitch believes Ziraat has high propensity to support KZI, given its virtually full ownership, common branding, the high level of integration between the two banks, the low cost of potential support, due to the subsidiary's small size, and its record of equity support. However, Ziraat's ability to provide support to KZI is constrained by its 'B+' LT Foreign-Currency IDR. Ratings Equalised with Parent's: The equalisation of KZI's and Ziraat's ratings reflects the high integration between the subsidiary and the parent as KZI operates similarly to a branch. In accordance with its Bank Rating Criteria, Fitch tends to equalise ratings of a deeply integrated subsidiary if its parent is rated at the lower end of the rating scale. No Viability Rating Assigned: KZI is a small bank, with total assets of USD0.5 billion as of 1 December 2024. Its client base - on both sides of its balance sheet - mostly comprises Ziraat's group clients and other Turkish businesses operating in Kazakhstan. Fitch has not assigned KZI a Viability Rating, because KZI is heavily reliant on its parent for new business origination and risk management, and as Ziraat's representatives are involved in all major decision-making at the subsidiary level. Adequate Loan Quality: The bank's Stage 3 loans accounted for a low 2.1% of gross loans at end-2023 (latest available data) and were fully covered by total loan loss allowances on the same date. Its regulatory loans overdue for more than seven days decreased slightly to 1.1% of loan book at end-3Q24 (end-2023: 2.1%), driven by their work-out and 14% loan growth in 9M24. Fitch expects the bank's loan performance, under IFRS 9, to remain healthy in 2025, although it is likely to be vulnerable, due to high loan concentrations. Healthy Profitability: KZI reported KZT10.2 billion net income for 9M24, translating into a notable return on average equity of 17.3% (2023: 22.6%). The bank's bottom-line results were supported by a wide net interest margin, good operating efficiency (9M24 cost/income ratio: 23%) and limited loan impairment charges. Fitch expects the bank's profitability to remain robust in 2025. Large Loss-Absorption Buffer: KZI's Fitch Core Capital ratio was a high 35% at end-3Q24 (end-2023: 36%), supported by strong profitability and absent dividend payments. The bank's regulatory common equity Tier 1 ratio was similarly high as of 1 December 2024. In Fitch's view, KZI's capital buffer allows for considerable loan growth in 2025. Concentrated Customer Funding; Healthy Liquidity: KZI is deposit-funded (end-3Q24: 97% of total liabilities), with an outsized contribution from corporate clients (79% of total). This underpins a moderate loans/deposits ratio of 83% at end-3Q24 (end-2023: 73%). The bank's deposit base is highly concentrated by names, due to its limited scale. Fitch estimates KZI's liquidity buffer, mostly cash and cash equivalents, covered a significant 66% of customer deposits at end-3Q24. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A negative rating action on Ziraat's LT Foreign-Currency IDR would result in a corresponding rating action on KZI's ratings. In addition, KZI's ratings could be downgraded if Ziraat's propensity to support its subsidiary weakens considerably. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The bank's ratings could be upgraded on a multi-notch upgrade of the parent bank's LT Foreign-Currency IDR. Public Ratings with Credit Linkage to other ratings KZI's ratings are linked to Ziraat's IDRs. ESG Considerations Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation of the materiality and relevance of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- AB Kazakhstan - Ziraat International Bank JSC LT IDR B+ Affirmed B+ ST IDR B Affirmed B LC LT IDR B+ Affirmed B+ Natl LT BBB(kaz)Affirmed BBB(kaz) Shareholder Support b+ Affirmed b+ =========== T U R K E Y =========== ANADOLU EFES: Fitch Lowers LongTerm IDRs to 'BB', Outlook Stable ---------------------------------------------------------------- Fitch Ratings has downgraded Anadolu Efes Biracilik ve Malt Sanayii A.S.'s (Efes) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured ratings to 'BB' from 'BB+'. The Recovery Rating is unchanged at 'RR4'. The Outlooks on the IDRs are Stable. Fitch has also affirmed the National Rating at 'AAA(tur)'. The ratings have been removed from Rating Watch Negative. The downgrade reflects the impact of the Russian decree taking temporary management over the jointly-owned AB InBev Efes B.V. (ABI Efes) operations in Russia, resulting in Efes temporarily losing control of these operations. Consequently, Fitch has fully deconsolidated the Russian business from Efes' rated scope, leading to increased leverage due to a decline in scale, diversification and overall market position. The assets are under temporary management, but Fitch sees uncertainty over Efes' ability to regain full access to and control over the Russian assets. Key Rating Drivers Russian Operations Temporarily Under Authorities: The Russian decree has transferred management of ABI Efes' Russian operations to a new Russian company. Efes and AB InBev NV/SA (ABI) retain ownership of their joint venture (JV), but the Russian company appointed by the government handles daily operations. The decree only permits temporary management of the JV's Russian operations, not the disposal of assets, contrary to the previously agreed sale of ABI's 50% stake in the JV to Efes. Russia was the main contributor to beer group international operations' (EBI) earnings , at around two-thirds of EBITDA based on Russia and Ukraine proportionate consolidation. The downgrade assumes these restrictions will remain in place for longer, which is reflected in its full deconsolidation of the Russian operations. This has resulted in Fitch assessing Efes's credit profile on a reduced operational basis, adversely affecting the company's scale, diversification, market position and leverage. Increased Uncertainty of M&A Approval: Efes continues to negotiate the buyout of its 50% JV partner ABI's stake in Russia, although Fitch believes that the recent decree and temporary management add significant pressure to the transaction approval and its economic outcome. Fitch assumes that following more than two years of negotiations, a previous rejection and the recent installment of the Russian temporary management control, the buyout of ABI's stake in the JV has become highly uncertain. Fitch fully discounts Efes's ability to access and repatriate profits generated in Russia, given the current uncertainties, despite Efes maintaining the asset ownership title. Deteriorated Credit Profile: The deconsolidation of the sizeable, higher-margin Russian business from Efes's rated operations has deteriorated the credit profile of the remaining beer operations due to reduced business scale, profitability (although remaining acceptable), cash flow and weaker credit metrics. Its EBITDA gross leverage for 2025 is forecast to be slightly over 3.0x (over 2.0x net) by end-2025, significantly higher than Fitch anticipated before this event. In addition, Fitch expects EBITDA interest coverage to decline as most of the debt is held by Efes. Conservative Financial Policy: The downgrade by only one notch is supported by Efes's disciplined financial policy. Its rating analysis factors in the company's adherence to a consistent financial policy with net EBITDA leverage target of 2.0x (based on company's reporting, pre-deconsolidation). Fitch assumes debt repayments might be supported by higher dividends from Coca Cola Icecek Company (CCI), aimed at maintaining a stable capital structure and conservative capital allocation. Kazakhstan Country Ceiling Applicable: Efes is incorporated in Turkiye (BB-/Stable), but generated about 19% of its 2023 TRY6.9 billion consolidated EBITDA in Kazakhstan (BBB/Stable), which has a higher Country Ceiling of 'BBB+' than Turkiye's 'BB-'. Fitch projects hard-currency interest expenses at about TRY700 million-900 million and that cash flow from Kazakhstan will cover these charges with sufficient and rising headroom. This leads us to apply the Kazakhstan Country Ceiling to Efes's Long-Term Foreign-Currency IDR, based on its Corporate Rating Criteria. Derivation Summary Efes is smaller and less geographically diversified that large international beer groups, such as Carlsberg Breweries A/S (BBB+/Rating Watch Negative), and Asian beer and spirits peer Thai Beverage Public Company Limited (BBB-/Stable). However, Efes has historically displayed a significantly more conservative capital structure (consistent with the 'A' category) than Thai Beverage, which is more aligned with that of Carlsberg. Key Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - Organic revenue decrease of around 20% in 2024 from the full deconsolidation of its Russian JV, before increasing at around 21% in 2025 and moderating to high-single digits by 2027; - EBITDA margin of around 13.7% in 2024, remaining around 14% through to 2027; - Capex at 6.5%-5.5% of revenue over 2024-2027; - Annual common dividends of TRY1.5 billion to TRY2 billion in 2024-2027; - No material M&A transactions for the next four years. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deteriorating liquidity with no prospects of refinancing options; - More aggressive financial policy leading to EBITDA gross leverage remaining permanently above 3.0x or higher than 2.0x net of readily available cash (calculated by deconsolidating CCI); - Inability to generate positive FCF margins; - Increasing macroeconomic and/or political instability further affecting trading performance; - Deterioration in the operating environment in the company's key markets, leading to a more significant impact on Efes's IDRs. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Efes regaining sustained access to assets and cash flow and resuming operational control of the Russian JV ABI Efes; - EBITDA gross leverage below 2.5x on a sustained basis or below 1.5x net of readily available cash (calculated by deconsolidating CCI); - EBITDA margin improving towards 15% with positive FCF margin. Liquidity and Debt Structure Fitch considers Efes's liquidity to be adequate, with near-term maturities of TRY9,206 million as of the end of September 2024 covered by cash balances and access to uncommitted credit lines. The TRY3,000 million bond is due in 2025 and the USD500 million bond is due in 2028. Fitch has fully deconsolidated the Russian business, thus removing the total cash (TRY13,200 million) due to the temporary transfer of control over the Russian operations, resulting in inability to access this cash. Committed bank facilities are not commonly available in Turkey. As of end-September 2024, Efes had no committed credit facilities but had access to USD0.8 billion (equivalent; excluding Russia) of uncommitted credit limits, with USD190 million (equivalent) of loan utilisation in banks. Issuer Profile Headquartered in Turkiye, Efes is the fifth-largest brewer in Europe and 10th globally. Efes is the largest brewer in its home country with a market share of around 50%. Efes also operates in Kazakhstan, Moldova and Georgia with number one market positions, and exports beer to more than 80 countries. Adjustments to Consolidation Perimeter: Efes fully consolidates the JV, but following the recent Russian decree for a temporary management, Fitch has fully deconsolidated the Russian operations. Efes also owns a 50% stake in CCI (fully consolidated in its accounts), one of the largest bottlers of the Coca-Cola Company globally. Fitch considers Efes's credit profile excluding CCI's operations, accounting for it using the equity method. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Anadolu Efes Biracilik ve Malt Sanayii A.S. LT IDR BB Downgrade BB+ LC LT IDR BB Downgrade BB+ Natl LT AAA(tur)Affirmed AAA(tur) senior unsecured LT BB Downgrade RR4 BB+ TURKIYE IS BANKASI: Fitch Rates USD500MM Add'l Tier 1 Notes 'B-' ---------------------------------------------------------------- Fitch Ratings has assigned Turkiye Is Bankasi A.S.'s (Isbank; BB-/Stable) USD500 million additional Tier 1 (AT1) capital notes a final rating of 'B-'. The final rating is the same as the expected rating assigned on January 7, 2025. Key Rating Drivers The rating on the AT1 capital notes is three notches below Isbank's 'bb-' Viability Rating (VR), in accordance with Fitch's Bank Rating Criteria. The notching comprises two notches for loss severity, given the notes' deep subordination, and one notch for incremental non-performance risk, given their full discretionary, non-cumulative coupons. Fitch has only applied three notches from Isbank's VR, instead of the baseline four notches, due to rating compression, as Isbank's VR is at the 'bb-' threshold under its criteria. The notes are perpetual, deeply subordinated, fixed-rate resettable AT1 debt securities, with fully discretionary, noncumulative coupons and, subject to certain limited exceptions, have a call option from, and including, the fifth anniversary of their issue date up to, but excluding, the first coupon reset date and, thereafter, on each subsequent interest payment date. The notes are subject to full or partial principal write-down if Isbank's common equity Tier 1 (CET1) ratio on a bank-only or a group basis falls below 5.125%. The notes are also subject to permanent partial or full write-down, on the occurrence of a non-viability event (NVE). An NVE is when Isbank incurs a loss (on a consolidated or non-consolidated basis) and the bank becomes, or it is probable that the bank will become, nonviable as determined by the local regulator, the Banking and Regulatory Supervision Authority (BRSA). The bank will be deemed non-viable should it reach the point at which the BRSA determines its operating license is to be revoked and the bank liquidated, or the rights of the bank's shareholders (except to dividends), and the management and supervision of the bank, are transferred to the Savings Deposit Insurance Fund (SDIF) on the condition that losses are deducted from the capital of existing shareholders. At end-3Q24, Isbank's 13.2% consolidated CET1 ratio (including forbearance), 14% Tier 1 capital ratio (including forbearance), and its 16.8% consolidated total capital adequacy ratio (including forbearance), were above their 8.6%, 10.1%, and 12.1% regulatory requirements, respectively. These ratios included a capital conservation buffer of 2.5%, a counter cyclical buffer of 0.1%, and a domestic systemically important bank buffer of 1.5%. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating of the notes is primarily sensitive to a downgrade of the VR. The notes rating is also sensitive to an unfavourable revision in Fitch's assessment of the notes' incremental non-performance risk. This may result, for example, from a significant decline in capital buffers relative to regulatory requirements. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating of the notes is sensitive to an upgrade of the VR but the notching of the notes' ratings could be widened to four should Isbank's VR be upgraded above the 'bb-' threshold. Date of Relevant Committee 17 December 2024 ESG Considerations Isbank has an ESG Relevance Score for Management Strategy of '4', reflecting an increased regulatory burden on all Turkish banks. Management ability across the sector to determine their own strategy is constrained by the regulatory burden and also by the operational challenges of implementing regulations at the bank level. This has a moderately negative impact on banks', including Isbank's, credit profiles and is relevant to ratings in combination with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Turkiye Is Bankasi A.S. junior subordinated LT B- New Rating B-(EXP) =========================== U N I T E D K I N G D O M =========================== CONNECT MODULAR: FRP Advisory Named as Administrators ----------------------------------------------------- Connect Modular Ltd was placed in administration proceedings in the Court of Session, Court Number: P1194 of 2024, and Michelle Elliot and Callum Angus Carmichael of FRP Advisory Trading Limited were appointed as administrators on Jan. 6, 2025. Connect Modular engages in the construction of domestic buildings. Its registered office is at Block 2, Caponacre Industrial Estate, Cumnock, Ayrshire, KA18 1SH to be changed to c/o FRP Advisory Trading Limited, Level 2, The Beacon, 176 St Vincent Street, Glasgow, G2 5SG. Its principal trading address is at Block 2, Caponacre Industrial Estate, Cumnock, Ayrshire, KA18 1SH. The joint administrators can be reached at: Michelle Elliot Callum Angus Carmichael FRP Advisory Trading Limited Level 2, The Beacon 176 St Vincent Street Glasgow G2 5SGC For further details, contact: The Joint Administrators Tel No: +44-(0)330-055-5455 Alternative contact: Ryan McGee Email: cp.glasgow@frpadvisory.com FABLINK (NORTHAMPTON): Ernst & Young Named as Administrators ------------------------------------------------------------ Fablink (Northampton) Limited was placed in administration proceedings in the High Court of Justice Business and Property Courts, Company & Insolvency List (ChD) Court Number: CR-2024-007889, and Daniel Christopher Hurd and Lucy Winterborne of Ernst & Young LLP were appointed as administrators on Jan. 7, 2025. Fablink (Evenwood) fka ENSCO 4 Limited and AGHOCO 2314 Limited is a manufacturer of metal structures and parts of structures. Its registered office is at 1 Colmore Square, Birmingham, B4 6HQ. Its Principal trading address is at Evenwood Plant, Evenwood Lane, Bishop Auckland, DL14 9NJ The joint administrators can be reached at: Daniel Christopher Hurd Ernst & Young LLP 1 Colmore Square Birmingham, B4 6HQ -- and -- Lucy Winterborne Ernst & Young LLP The Paragon, Counterslip Bristol, BS1 6BX For Further Details, Contact: The Joint Administrators Email: fablinkadministration@uk.ey.com Alternative contact: Catriona Lynch GENUINE SOLUTIONS: FRP Advisory Named as Administrators ------------------------------------------------------- Genuine Solutions Limited was placed inadministration proceedings in In the High Court of Justice, Court Number: CR-2024-007878, and Glyn Mummery and Julie Humphrey of FRP Advisory Trading Limited were appointed as administrators on Jan. 3, 2025. Genuine Solutions engages in the wholesale of electronic and telecommunications equipment and parts. Its registered office is at Unit 10 Silverglade Business Park, Leatherhead Road, Chessington, KT9 2QL to be changed to FRP Advisory Trading Limited, Jupiter House, Warley Hill Business Park, The Drive, Brentwood, CM13 3BE. Its principal trading address is at Unit 10 Silverglade Business Park, Leatherhead Road, Chessington, KT9 2QL. The joint administrators can be reached at: Glyn Mummery Julie Humphrey FRP Advisory Trading Limited Jupiter House Warley Hill Business Park The Drive, Brentwood, Essex CM13 3BE For further details, contact: The Joint Administrators Email: cp.brentwood@frpadvisory.com Tel: 01277 50 33 33 Alternative contact: Alia Howland LENUS HEALTH: FRP Advisory Named as Administrators -------------------------------------------------- Lenus Health Ltd was placed in administration proceedings in the Court of Session, Edinburgh, Court No P8 of 2025, and Callum Angus Carmichael and Chad Griffin of FRP Advisory Trading Limited were appointed as administrators on Jan. 7, 2025. Lenus Health engages in technology consultancy services and AI software to help prevent issues for NHS Scotland. Its registered office is at Leith Assembly Rooms, 43 Constitution Street, Edinburgh, EH6 7BG in the process of being changed to c/o FRP Advisory Trading Limited Apex 3, 95 Haymarket Terrace, Edinburgh, EH12 5HD. Its principal trading address is at Leith Assembly Rooms, 43 Constitution Street, Edinburgh, EH6 7BG. The joint administrators can be reached at: Callum Angus Carmichael Chad Griffin Apex 3, 95 Haymarket Terrace Edinburgh, EH12 5H For further details, contact: The Joint Liquidators Tel: +44 (0)330 055 5455 Alternative contact: Stacey Bungay Email: cp.edinburgh@frpadvisory.com PREFIX SYSTEMS (SOUTH): Leonard Curtis Named as Administrators -------------------------------------------------------------- Prefix Systems (South) Ltd was placed in administration proceedings in the High Court of Justice Business and Property Courts in Manchester, Insolvency & Companies List (ChD) Court Number: CR-2024-MAN-001680, and Andrew Knowles and Hilary Pascoe of Leonard Curtis were appointed as administrators on Jan. 8, 2025. Prefix Systems (South) engages in building completion and finishing, as well roofing activities, Its registered office and principal trading address is at Unit 16 Barn Way, Lodge Farm Ind Est, Northampton, NN5 7UW The joint administrators can be reached at: Andrew Knowles Hilary Pascoe Leonard Curtis Riverside House, Irwell Street Manchester M3 5EN For further details, contact: The Joint Administrators Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative contact: Avery Lewis PREFIX SYSTEMS HOLDINGS: Leonard Curtis Named as Administrators --------------------------------------------------------------- Prefix Systems (South) Holdings Ltd was placed in administration proceedings in the High Court of Justice Business and Property Courts in Manchester, Insolvency & Companies List (ChD) Court Number: CR-2024-MAN-001679, and Andrew Knowles and Hilary Pascoe of Leonard Curtis were appointed as administrators on Jan. 8, 2025. Prefix Systems (South) Holdings is in the manufacturing industry. Its registered office and principal trading address is at Systems House, Cunliffe Road, Whitebirk Industrial Estate, Blackburn, Lancashire, BB1 5UA. The joint administrators can be reached at: Andrew Knowles Hilary Pascoe Leonard Curtis Riverside House, Irwell Street Manchester M3 5EN For further details, contact: The Joint Administrators Tel: 0161-831-9999 Email: recovery@leonardcurtis.co.uk Alternative contact: Avery Lewis ULTIMATE CREATIVE: FRP Advisory Named as Administrators ------------------------------------------------------- Ultimate Creative Communications Limited was placed in administration proceedings in the High Court of Justice Business and Property Courts, Court Number: CR-2024-MAN-001607, and Lila Thomas and Jessica Leeming of FRP Advisory Trading Limited were appointed as administrators on Jan. 10, 2025. Ultimate Creative engages in Web portals and specialised design activities. Its registered office is at Department Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP to be changed to C/O FRP Advisory Trading Limited, Derby House, 12 Winckley Square, Preston, Lancashire, PR1 3JJ. Its principal trading address is at Department Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP The joint administrators can be reached at: Lila Thomas Jessica Leeming FRP Advisory Trading Limited Derby House 12 Winckley Square, Preston Lancashire, PR1 3JJ For further details, contact: The Joint Administrators Tel: 01772 440700 Alternative contact: James Lancaster Email: James.lancaster@frpadvisory.com VOLTVISION LIMITED: Opus Restructuring Named as Administrators -------------------------------------------------------------- Voltvision Limited was placed in administration proceedings in the High Court of Justice, Court Number: CR-2025-000097, and Allister Manson and Charles Hamilton Turner of Opus Restructuring LLP were appointed as administrators on Jan. 8, 2025. Voltvision Limited engages in business and domestic software development. Its registered office and principal trading address is at Building 173 Curie Avenue, Harwell, Didcot, Oxfordshire, OX11 0QG. The joint administrators can be reached at: Allister Manson Charles Hamilton Turner Opus Restructuring LLP 322 High Holborn, London WC1V 7PB Contact details for Administrators, Tel: 01622 427 433 Alternative contact: Bethany Tuffs WERRENS BEDFORD: Oury Clark Named as Administrators --------------------------------------------------- Werrens Bedford Ltd was placed in administration proceedings in the High Court of Justice, Court Number: CR-2025-000116, Court Number: CR-2024-MAN-001538, and Nick Parsk of Oury Clark Chartered Accountants were appointed as administrators on Jan. 10, 2025. Werrens Bedford engages in the sale of other motor vehicles. Its registered office is c/o Oury Clark Chartered Accountants, Herschel House, 58 Herschel Street, Slough, Berkshire, SL1 1PG. Its principal trading address is at 19 Unit A&B, Shuttleworth Road, Bedford, MK41 0EP. The joint administrators can be reached at: Nick Parsk Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire, SL1 1PG For further details, contact: Nick Parsk Email: IR@ouryclark.com Alternative contact: Ben Briscoe WHARFSIDE INDUSTRIAL: Ernst & Young Named as Administrators ----------------------------------------------------------- Wharfside Industrial Limited was placed into administration proceedings in the High Court of Justice Business and Property Courts, Company & Insolvency List (ChD) Court Number: CR-2024-007887, and Daniel Christopher Hurd and Lucy Winterborne of Ernst & Young LLP, were appointed as administrators on Jan. 7, 2025. Wharfside Industrial, fka ENSCO 1 Limited, is a manufacturer of metal structures and parts of structures. Its registered office is at 1 Colmore Square, Birmingham, B4 6HQ. Its principal trading address is c/o Trinity, 16 John Dalton Street, Manchester, M2 6HY. The joint administrators can be reached at: Daniel Christopher Hurd Ernst & Young LLP 1 Colmore Square Birmingham, B4 6HQ -- and -- Lucy Winterborne Ernst & Young LLP The Paragon, Counterslip Bristol, BS1 6BX For further details, contact: The Joint Administrators Email: fablinkadministration@uk.ey.com Alternative contact: Catriona Lynch WINDOW DESIGNS: Oury Clark Named as Administrators -------------------------------------------------- Window Designs Limited was placed into administration proceedings in the High Court of Justice, No 007057, and Nick Parsk and Kalani Gunawardana of Oury Clark Chartered Accountants were appointed as administrators on January 13, 2025. The Company's administration commenced on November 20, 2024. Its registered office is at 1 Swan Wood Park, Gun Hill, Horam, East Sussex, TN21 0LL. Its principal trading address is at Fort Road, Eastbourne, East Sussex, BN22 7SE. The joint administrators can be reached at: Nick Parsk Kalani Gunawardana Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire, SL1 1PG GB For further details, please contact: Tel No: 01753 551111 Email: IR@ouryclark.com =============== X X X X X X X X =============== [*] BOOK REVIEW: Taking Charge ------------------------------ Taking Charge: Management Guide to Troubled Companies and Turnarounds Author: John O. Whitney Publisher: Beard Books Softcover: 283 Pages List Price: $34.95 Order a copy today at: http://beardbooks.com/beardbooks/taking_charge.html Review by Susan Pannell Remember when Lee Iacocca was practically a national hero? He won celebrity status by taking charge at a company so universally known as troubled that humor columnists joked their kids grew up thinking the corporate name was "Ayling Chrysler." Whatever else Iacocca may have been, he was a leader, and leadership is crucial to a successful turnaround, maintains the author. Mediagenic names merit only passing references in Whitney's book, however. The author's own considerable experience as a turnaround pro has given him more than sufficient perspective and acumen to guide managers through successful turnarounds without resorting to name-dropping. While Whitney states that he "share[s] no personal war stories" in this book, it was, nonetheless, written from inside the "shoes, skin, and skull of a turnaround leader." That sense of immediacy, of urgency and intensity, makes Taking Charge compelling reading even for the executive who feels he or she has already mastered the literature of turnarounds. Whitney divides the work into two parts. Part I is succinctly entitled "Survival," and sets out the rules for taking charge within the crucial first 120 days. "The leader rarely succeeds who is not clearly in charge by the end of his fourth month," Whitney notes. Cash budgeting, the mainstay of a successful turnaround, is given attention in almost every chapter. Woe to the inexperienced manager who views accounts receivable management as "an arcane activity 'handled over in accounting.'" Whitney sets out 50 questions concerning AR that the leader must deal with -- not academic exercises, but requirements for survival. Other internal sources for cash, including judiciously managed accounts payable and inventory, asset restructuring, and expense cuts, are discussed. External sources of cash, among them banks, asset lenders, and venture capital funds; factoring receivables; and the use of trust receipts and field warehousing, are handled in detail. Although cash, cash, and more cash is the drumbeat of Part I, Whitney does not slight other subjects requiring attention. Two chapters, for example, help the turnaround manager assess how the company got into the mess in the first place, and develop strategies for getting out of it. The critical subject of cash continues to resonate throughout Part II, "Profit and Growth," although here the turnaround leader consolidates his gains and looks ahead as the turnaround matures. New financial, new organizational, and new marketing arrangements are laid out in detail. Whitney also provides a checklist for the leader to use in brainstorming strategic options for the future. Whitney's underlying theme -- that a successful business requires personal leadership as well as bricks and mortar, money and machinery -- is summed up in a concluding chapter that analyzes the qualities that make a leader. His advice is as relevant in this 1999 reprint edition as it was in 1987 when first published. John O. Whitney had a long and distinguished career in academia and industry. He served as the Lead Director of Church and Dwight Co., Inc. and on the Advisory Board of Newsbank Corp. He was Professor of Management and Executive Director of the Deming Center for Quality Management at Columbia Business School, which he joined in 1986. He died in 2013. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *