Mon, 06 Mar 2023 | ADMINISTRATION
Administrators from RSM UK Restructuring Advisory LLP say they are aiming to find a buyer for the business and assets of retail display manufacturer Thomson Hayes Retail Display Ltd. The Leicester-based company ceased trading prior to the appointment of administrators on February 23.
The company was founded in 1989 and designed and manufactured retail display sets. The firm’s displays were predominantly used in department stores and shops for cosmetic brands, with clients including Dior, Lancome and L’Oreal.
However, despite its prominent clients, the firm was impacted by the highly damaging effect that COVID-19 has had on physical retail, with customers increasingly favouring e-commerce even in the wake of the pandemic. The company was also hit by rising costs and was subsequently unable to recover.
Thomson Hayes’ directors had sought to honour the firm’s outstanding contracts and fulfil outstanding orders in order to maximise returns for stakeholders and creditors. However, this process reportedly proved problematic, leading to the appointment of RSM’s Deviesh Raikundalia and Tyrone Courtman as joint administrators.
The joint administrators will now look to maximise returns, while seeking expressions of interest in the firm’s remaining business and assets as a going concern.
In a statement, the administrators added: "Unfortunately, 15 employees have been made redundant and the company will, in all probability, cease to trade during the week ending 10 March following completion of all outstanding works, after which all of the company's remaining employees will be made redundant. The joint administrators are liaising with the company's employees to provide relevant redundancy support."
In the company’s accounts for the year ending September 30 2021, its fixed assets were valued at £15,242 (down from £29,644 a year earlier) and current assets at £593,998 (down from £957,599), while total assets stood at £231,647 (compared to £567,903 the previous year).
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