The business had incurred losses over a number of years due to unsuccessful new product launches and falling margins. The company’s bankers ultimately withdrew support and asked the business to seek new financiers.
We were appointed Administrators to allow us to seek a buyer for the business whilst continuing to trade the business. During the trading period we sucessfully negotiated with a number of national retailers, maintaining key contracts and preserving value.
- We achieved a sale of the business within less than one month, allowing preservation of the majority of employee jobs.
- Secured and preferential creditors were repaid in full and a substantial dividend was paid to unsecured creditors.