28.06.2012
Text:
Photo: Building of Strongbox.
Bearing the name of
Strongbox Marine Furniture Ltd (SMF) up to Feb 2012, the London-headquartered company
Strongbox Accommodation Furniture Ltd in Nov 2011 by resolution of Russian defense minister Anatoly Serdiukov was selected as manufacturer of metal cabin furniture for prospective warships being currently built for Russian Navy. The same resolution set
Marine Complex Systems Ltd (St. Petersburg) as a furniture supplier; the latter company is authorized dealer of
Strongbox in Russia and CIS.
That defense minister's resolution triggered ambiguous reaction of Russian furniture manufacturers and shipbuilders which now have to redesign ship projects, break long-sanding production ties and meet the new "furniture" budget.
In its turn,
Strongbox was found insolvent and is undergoing administration being on the verge of bankruptcy. However, SMF director Stephen Edmunds denies his company's bankruptcy saying that transition of assets fr om one firm to another as well as placing of SMF under administration because of deteriorated cash position is nothing more than "reorganization" and "modernization" due to the "growing needs of the shipbuilding industry".
Recall that according to a
's source in London business community, owner of
Strongbox Marine Furniture Mr. Stephen Edmunds went bust not once throughout his business career. For instance,
Strongbox Systems Ltd busted in Sept 2004, and
Strongbox Broadcast Products Ltd became insolvent in Apr 2006 (both were related to Edmunds, as British businessmen say). However, one of London journalists told
that "Steve Edmunds' companies have a history of going into receivership and immediately starting as new company with a similar name. Because his companies are lim ited he is not personally responsible for the debts. In the UK, we call the companies that start as soon as the old one has gone bust Phoenix Companies…"
The opened vacancy demonstrates how important Russian market is for directors of the British "phoenix". Rough calculations show that all-up furnishing of one corvette with metal furniture may cost up to RUR 120-150 mln. If the Serdiukov's resolution would be actively implemented in "Russian Navy ships being designed, built, repaired, and modernized", considering batch production, overall profit may reach billions of rubles with larger share going abroad.
The only thing worth surprising in this vacancy-opening story is that
Strongbox Accommodation Furniture Ltd already has one Russian-speaking director. According to open media, in Feb 2012 right after reorganization of
Strongbox Marine Furniture into
Strongbox Accommodation Furniture, Eduard Ivanov was appointed director of the latter one. Being a citizen of the Russian Federation registered in St. Petersburg, Mr. Ivanov formerly used to work in
Marine Complex Systems. Obviously, owing to the vast plans for Russian naval contracts, one Ivanov is not enough.
