Thu, 07 Sep 2023 | ADMINISTRATION
Leather manufacturer Pittards, one of the oldest companies in Somerset, is to close down after a buyer could not be found for the business. The company initiated a sale process last month and said it was set to appoint administrators following a failed fundraising in July.
The nearly-200-year-old firm had sought to raise £1.16 million in an effort to avoid administration and continue trading in the face of falling demand since COVID-19 and soaring energy prices for manufacturers across the UK. However, these efforts were terminated after the business only raised an insufficient £300,000.
Lucy Winterborne and Dan Hurd of EY-Parthenon were subsequently appointed as joint administrators to the listed company on September 4. Despite hopes that a buyer could be found, a rescue deal could not be secured and the business has ceased trading, with the loss of over 130 jobs.
In a statement, the joint administrators said: “Extensive discussions were held with an interested party to achieve a sale of the company’s business and assets but, unfortunately, the prospective buyer was unable to conclude an agreement with its debt funder to allow a sale to proceed.”
“As no other party has expressed an interest in acquiring the business, the company has now ceased to trade with immediate effect and sadly, the majority of the company’s UK employees have been made redundant.”
The joint administrators added that they “will assess options over the coming days to realise value for the company’s creditors and wind down the company’s business.”
In Pittards’ accounts at Companies House for 2021, it reported revenue of £19.66 million, up from £15.23 million a year earlier, while it improved from an EBITDA loss of £1.16 million in 2020 to EBITDA of £1.42 million. At the time, its net assets were valued at £13.07 million.
The company was founded in 1826 and employed close to 150 staff at its UK facility, along with around 1,000 staff in Ethiopia. The firm manufactured products for third party brands and its own Daines & Hathaway and Hill & Friends brands and was known for producing gloves for the Royal Family.
Find out more about the issues facing UK manufacturing businesses
The business offers some 2,500 jewellery products/designs to both domestic and commercial clients. A superbly appointed and sought-after 40 years old operation.
The company is a leading provider of bespoke automated systems for precision component cleaning, drying, and surface treatment, catering to diverse manufacturing needs. The systems utilise the entire range of aqueous and solvent chemistries. The bus...
The company specialises in the provision of manual and powered wheelchairs, mobility scooters, sports wheelchairs, and accessories. Utilising an experienced team, the business can fulfil a wide range of specialist seating, postural, and programming n...
18
|
Jul
|
Sliding door tech firm undergoes MBO | MBO/MBI
A sliding door technology company based in Warrington has un...
18
|
Jul
|
Acquisitive education firm secures new private equity backing | BUSINESS SALE
An education group that has expanded through a series of acq...
17
|
Jul
|
Buyer sought as micro turbine manufacturer falls into administration | ADMINISTRATION
Administrators are seeking a buyer following the collapse of...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.