Riegens Lighting enters administration
Mon, 12 Aug 2013 | ADMINISTRATION
Riegens Lighting Ltd has entered administration and is in the process of restructuring.
The company, which is located in Braintree, Essex and manufactures energy efficient and innovative lighting, has appointed FRP Advisory to handle the administration.
The company is a spin-off of its Danish parent company, Riegens Group Denmark, but has found a good market for its services in the UK that it is keen to continue to grow. Claus Jarlgaard Jensen, chief executive of the Danish group, explained: “The reason for the administration filing was a wish from Riegens to secure a continued and strong presence in the UK market for Riegens through a restructuring of Riegens Lighting Ltd.
“Riegens has been through a number of changes during the last couple of years, which have all had a positive impact on Riegens Lighting, however we realised, that a more extensive restructuring was required.”
He added that the business looked at a number of different options but was advised that the best way of restructuring the firm was to appoint administrators and look at handling things as a going concern.
This approach means that trading won't be affected, at least for the time being. Mr Jensen confirmed: “During the administration Riegens Lighting continues to trade and it will have no impact on our customers as they will see no changes.”
It is unclear whether or not the restructuring will involve the sale of some divisions of the business in the coming months.
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