George Wang’s AIMS Financial will keep the brand BBY after buying some of the assets in the failed stockbroker.
Wang says he wants to keep and grow the BBY brand, its people and its businesses. New investors will be considered in the future.
“We are now actively working with the team at BBY to get things back and running normally as soon as practical,” he says.
AIMS Securities is changing its name to BBY Asia Pacific Group to enable BBY’s 56,000 clients to restart trading and access shares currently frozen.
So far there are no details on what AIMS paid for the BBY assets.
BBY went into administration on May 18 under the weight of increasing liabilities from its options trading business.
All 170 staff at BBY have been made redundant and are all creditors. Some have been rehired at AIMS.
The administrators, Stephen Vaughan and Ian Hall of KPMG, yesterday briefed about 150 creditors at a two-hour meeting behind closed doors.