KPMG executes pre-pack sale of Northern Ireland mining tech firm

KPMG has completed a pre-pack administration sale of Tribe Technology Group Ltd, transferring the business and assets of the autonomous mining equipment developer to a subsidiary of an Australian buyer one day after administrators were appointed.

James Neill and John Donaldson of KPMG were appointed joint administrators of the Northern Ireland-incorporated company on 13 January 2026. Shortly following their appointment, the administrators executed a pre-pack sale on to Tribe Tech UK Limited, a wholly-owned subsidiary of Wilxpro Pty Ltd.

Tribe Technology Group, incorporated in November 2019 and trading as Tribe Tech Group, focused on research and development of autonomous drilling and exploration equipment. It owned 100% of Australian trading subsidiary Tribe Technology Pty Ltd, which held key intellectual property and operational assets.

The business was sold for total consideration of £2.16 million, comprising £160,000 in cash and the assumption of approximately £2 million of the company’s secured debt owed to BPC, its principal lender. The consideration was allocated across fixed and floating charge assets, including shares in the Australian subsidiary and intellectual property.

The administrators said the pre-pack transaction enabled an immediate transfer of the operating platform and preserved value compared with a break-up or liquidation scenario. An accelerated marketing process had been undertaken prior to the appointment, with multiple expressions of interest received and discussions held with potential purchasers before Wilxpro’s subsidiary was selected as the preferred bidder.

According to the proposals, the company had faced prolonged funding delays and significant cash burn linked to ongoing R&D activities and commercial rollout challenges. While management pursued new equity investment and cost reduction measures, the business ultimately entered administration after secured lenders BPC UK Lending DAC and HSBC UK Bank PLC served a notice of intention to appoint administrators in late December 2025.

The administrators stated that achieving a going-concern sale outside formal insolvency proceedings was not feasible because no buyer would provide immediate financial assurances without an administration framework.

Secured creditor BPC is expected to be repaid in full from the transaction structure. Preferential creditors are also anticipated to receive payment in full, while unsecured creditors, with estimated claims of approximately £5.9 million, may receive a prescribed part distribution subject to final realisations. HSBC is reportedly not owed any amounts.