VFG Plc went into administrative receivership on 20 December 2001, having found itself over invested in new equipment. The new operation will operate as a private company, and is headed by executive chairman Bill Gore who has been advising the company for some time on the restructuring process. By mutual agreement Richard Dunkley steps down as managing director. Bob Sutcliffe will be joining the board as a non-executive director and Keith Long will be its new finance director. Graham Hawkins and Bill Summers remain as heads of the camera and lighting operations respectively.
The company is also taking the unusual step of assuming responsibility for many trade supplier arrangements entered into by VFG Plc prior to administrative receivership.
