Administrators secure pre-pack sale of Tricorn USA immediately following appointment

London – 5th April 2022 –  Mike Denny and Mark Firmin of professional services firm Alvarez & Marsal have been appointed as Joint Administrators to the previously AIM listed Tricorn Group Plc (“the Company”), a pipe and tube manufacturer supplying products around the world.

Immediately following the Administrators’ appointment, Tricorn USA, a subsidiary of the Company, was sold to Lander Holdings via a pre-packaged share sale. Tricorn USA has been supplying piping and tubing solutions globally for more than three decades.

Lander is an automotive supplier based in Birmingham, which specialises in fluid and air transfer systems, welded structures, interior trim products, and plastic tubular assemblies.

The sale of Tricorn USA follows the successful sale of the business and assets of Tricorn UK Limited in September last year, which was also led by Alvarez and Marsal.

Mike Denny, Managing Director, Alvarez & Marsal, said “The lasting effects of the pandemic and rising input costs in recent months have left many businesses struggling. We are pleased to have secured a future for the business through a going concern sale to a strategic buyer, which preserves over 100 jobs and provides a platform for growth under new ownership.”

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