Wed, 23 Jan 2013 | ADMINISTRATION
House of Sher, a cash and carry business in Glasgow, has entered administration - a move that has been attributed to sluggish trading in the recession.
The firm had seen a worrying fall in the number of customers over recent years, and had made more than 40 employees redundant last year. It has debts of about £1 million.
Three floors of the building House of Sher occupied had been closed in an attempt to cut down on the losses, while only family members had been working in the warehouse over the past few months.
Ian Wright of WRI is the appointed administrator for the troubled firm. He attributed its woes to “historic issues regarding property transactions and legal actions”.
The House of Sher was set up in 1985 by the two sons of the founder of the Sher Group, also based in Glasgow. The House of Sher operated as a subsidiary and sold DIY equipment and fancy goods.
“House of Sher is a well-regarded business in Glasgow and has been part of the retail fabric of the city for almost three decades,” said Mr Wright.
“We will now be taking steps to sell the assets of the company to realise as much as we can for the benefit of creditors,” he added.
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