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Restructuring
May. 6th, 2009 08:53 amPJBirks Ltd, a London-based blog manufacturer, announced today that it had avoided administration and potential 100% redundancies after reaching a deal with Cayman Islands-based investment vehicle BertSpike AG. The UK giovernment has agreed a £5m bridging loan to PJBirks Ltd to enable it to continue trading until the purchase by BertSpike, for a fee of 83p and a Tesco-discount coupon on its own-brand muesli, is completed.
In a separate announcement, PJBirks Ltd has announced a planned redomiciliation to Guernsey, with its head office in Lucerne. Chairman, CEO and President PBirks said that in determining the tax residence of the new parent company BertSpike (Holding) AG, the Board considered a number of factors which together made Guernsey the most appropriate location, including a less complex taxation system which offers upfront certainty of treatment and does not seek to impose tax on the unremitted profits of subsidiary companies in other jurisdictions. On being asked whether it was honorable to move residence to a tax-efficient island while at the same time accepting a bail-out from the government of the country it was abandoning, Mr Birks said that bail-outs were under the remit of the CEO, while tax-residency was a matter for the chief financial officer.
On being asked the whereabouts of the CFO, Mr Birks said that visiting times were 12pm to 2pm on alternative Wednesdays, subject to sufficient prison staffing.
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In a separate announcement, PJBirks Ltd has announced a planned redomiciliation to Guernsey, with its head office in Lucerne. Chairman, CEO and President PBirks said that in determining the tax residence of the new parent company BertSpike (Holding) AG, the Board considered a number of factors which together made Guernsey the most appropriate location, including a less complex taxation system which offers upfront certainty of treatment and does not seek to impose tax on the unremitted profits of subsidiary companies in other jurisdictions. On being asked whether it was honorable to move residence to a tax-efficient island while at the same time accepting a bail-out from the government of the country it was abandoning, Mr Birks said that bail-outs were under the remit of the CEO, while tax-residency was a matter for the chief financial officer.
On being asked the whereabouts of the CFO, Mr Birks said that visiting times were 12pm to 2pm on alternative Wednesdays, subject to sufficient prison staffing.
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