When I went on holiday two weeks ago I wasn’t expecting one of the portfolio holdings to go into administration, but if it was going to happen, I suppose it would most likely have happened to Metalrax.
Metalrax administrators have sold the group's niche engineering businesses headed by Bowman Birmingham to Arc Specialist Engineering.
In addition, solvent share deals were completed for two companies within the group, both of which were not affected by the insolvency process - Metalrax Housewares, which was sold to Cable Capital Partners Limited and Metalrax Overseas Holdings, which was also sold to Arc Specialist Engineering - securing a total of 387 jobs.
Will Wright and Mark Orton from KPMG were appointed as joint administrators to AIM-listed Metalrax Group, and its subsidiaries - M
Another company testing my patience is Metalrax. Like French Connection it's just published its half-year results, like French Connection it's announced a loss, and like French Connection one half of the business is misfiring, while the other prospers.
Nerves of steel Judging by Metalrax's full-year results, published earlier this week, the company, which manufactures pots, pans and baking trays and a range of engineered metals, components and products for industry, is recovering. But the story has its financial complications.