Hope of buyout at X-ray firm

Apr 3 2008 by Chris Knox, The Journal

AN X-ray technology firm has attracted the interest of a number of potential buyers after going into administration earlier this week.

Durham-based Bede has called in administrators BDO Stoy Hayward after failing to attract a buyer since putting the company up for sale last July.

Despite successfully floating on the Alternative Investment Market (AIM) in November 2000, Bede had endured several difficult years, including operating losses of £4.7m in 2006, and had clocked up £1.1m in debt.

In a statement to the London Stock Exchange, the company said: “The company regrets to announce that the board of directors has appointed BDO Stoy Hayward LLP as administrators of Bede plc and its subsidiary, Bede Scientific Instruments. At this stage, the directors do not anticipate that the administration will result in any return to equity shareholders.”

Despite the receivership, none of the firm’s 54 staff have been made redundant and its directors are hopeful of finding a buyer in order to secure their futures.

Toby Underwood, joint administrator and business restructuring partner at BDO, said: “We are currently in negotiations with a number of interested parties with the hope of securing a going-concern sale.”

Vinay Bedi, of Brewin Dolphin Newcastle, said: “It’s always a great shame when a firm with such potential goes into administration.”