Collapsed architectural practice Archial has been sold to multi-disciplinary Canadian firm Ingenium.
The 400-strong Archial, which was led by chief executive Chris Littlemore and went into administration last week over unpaid taxes, will now become part of a new firm, Ingenium Archial Ltd.
Administrators from Price Waterhouse Coopers (PwC) would not comment on how much Ingenium had paid for Archial, its Asian arm Alsop Sparch and other “assets”, all of which have been trading as normal since going into administration, according to PwC.
The privately owned Ingenium Group employs 800 people working across disciplines including architecture, engineering, project management and interior design, with offices in Canada, the United States, Asia and the Middle East.
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 September 17. Following the insolvency of its companies, there will not be any value realised for the holders of the suspended shares, PwC said.
MUMBAI: With the high networth individuals (HNWIs) population showing a robust growth of 33.2 per cent in the Asia-Pacific region last year, India and China are likely to remain the fastest-growing HNWI segment in the world, a report said today.
Emerging Asia (China, India, Indonesia and Thailand) is fast becoming the main engine of growth in the Asia-Pacific region and its HNWI segment showed a robust growth of 33.2 per cent in 2009, with wealth up 40.4 per cent, according to the 2010 Asia-Pacific Wealth Report released by Merrill Lynch Global Wealth Management and Capgemini, here.
India and China were the only two major Asia-Pacific countries in which industrial production actually rose in 2009, as they enjoyed a more diversified export market and broader domestic demand.
Hong Kong and India, which experienced the world's largest decline in HNWI population and wealth in 2008, experienced the strongest resurgence in 2009. The population of HNWIs grew 104.4 per cent in Hong Kong, almost reaching pre-crisis levels and 50.9 per cent in India, the report said.
HNWI wealth in Hong Kong and India jumped 108.9 per cent and 53.8 per cent, respectively, amid strong growth in both markets and macro-economic drivers of wealth.
"The strong economic resurgence in India has been boosted primarily by the country's stock market capitalisation which more than doubled in 2009 after dropping 64.1 per cent in 2008," Merrill Lynch Wealth Management, India, Chairman, Pradeep Dokania, told reporters here.
"The increased confidence by Indian HNWIs facilitated by the strength of the underlying economy which grew 6.8 per cent in 2009 has resulted in a surge in HNWI wealth in the region," Dokania said.
"China and India will lead the way in the Asia-Pacific region with economic expansion and HNWI growth is likely to keep out-pacing more developed economics," he said.
China's rapid GDP growth is expected to slow a little to 8.3 per cent in 2011. Going forward, China is expected to focus on balancing its economy by boosting the service sector and driving private consumption.
Source: Economic Times