Bigblu Broadb. Regulatory News (BBB)

22 Mar 2006 09:24

Berkeley Berry Birch PLC22 March 2006 Appointment of administrators The Directors of Berkeley Berry Birch plc ('BBB' or 'the Company') havecompleted their assessment of the BBB Group's financial position following thedisposal of the businesses of its major subsidiaries. The major creditor of theCompany is the Berry Birch & Noble Staff Pension Fund, which has actuariallyestimated its buy out deficit at £11.2 million. This compares with the pensionscheme deficit of £3.2 million calculated under IAS19 and included in theCompany's unaudited consolidated interim accounts as at 30 September 2005. The Directors have concluded that it is reasonably likely that administrationwill achieve a better result for the Company's creditors as a whole than wouldbe likely if the Company were to be wound up and, accordingly, Finbarr O'Connellfrom KPMG has been appointed as administrator in respect of the Companyfollowing a hearing in the High Court. Rob Hunt, Mark Hopkins and Mark Batten from PricewaterhouseCoopers have beenappointed as joint administrators in respect of the following BBB subsidiaries,Berkeley Independent Advisers Limited, Berry Birch & Noble Financial PlanningLimited and Berry Birch & Noble Financial Planning (Weston) Limited, all ofwhich have sold their businesses and are no longer trading. In addition, RobHunt and Mark Hopkins have been appointed as joint administrators of BerkeleyBerry Birch Group Support Services Limited. This information is provided by RNS The company news service from the London Stock Exchange