Administrators appointed to HI Group
Fri, 28 Sep 2012 | ADMINISTRATION
Administrators have been appointed to the HI Group and eight of its subsidiaries as the family business hit hard times.
More than 100 employees have been made redundant at the company, which primarily imports and distributes consumer goods to the retail market.
The business was incorporated more than 35 years ago and has an additional two divisions working on national home delivery and servicing. Its eight subsidiaries include Crown Corporation UK, Fridgemaster Corporation, Frigidaire Consolidated, Hardman Isherwood and Whitwood Warehouse.
Sam Woodward, John Sumpton and Tom Jack of Ernst & Young have been appointed as joint administrators of the firm.
Administrator Mr Woodward told Insider Media: “In recent years the group has suffered from challenging market conditions which has seriously impacted the Group’s white goods business. As a result turnover has declined resulting in severe cash flow difficulties.
"We are pleased to report that we have today completed a sale of Hi-Way Express Home Delivery business to Pacifica Group, an electrical repair, warranty and servicing company based in the North East. This sale has preserved the jobs of 57 people and ensures continuity."
A total of 109 redundancies have been made but the administrators are still looking for offers for the remaining parts of the group.
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