From the administrators' statement

Prior to the administrations, the board of CIUK engaged Deloitte to help them consider the options available to them given the liquidity challenges that were facing CIUK CIUK had reported losses each of the past four years and also had a defined benefit pension scheme with an estimated Section 179 deficit of c £25m and a Section 75 deficit of L67m Furthermore, immediately prior to the appointment, the Company was fully utthsing Its c £16 5m of banking facilities, together with the complete drawdown of its £1m overdraft facility and was forecast to run out of money at the next payroll date

After considering various options the directors decided that the best course of action to maintain value within in the Group was to try and sell the Companies as a pre-packaged sale This was helped by the fact that an existing shareholder, FSC, had shown an interest in purchasing the Companies

Further information on the circumstances and procedures leading to the pre-packaged sale of the Companies can be found in the Administrators letter of 30 March 2012, a copy of which ts available on request

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Colliers International UK PLC (04195561)

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