Wed, 09 Dec 2020 | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has collapsed, with administrators exploring a potential sale of the business. The firm, which employs 22 staff at its site near Shrewsbury, has suffered from “deteriorating trading and cash flows” and the impact of COVID-19.
KPMG’s Chris Pole and Howard Smith have been appointed as joint administrators to the company.
Pole commented: “Oakley’s has been facing challenging market conditions for some time, which were further exacerbated by the coronavirus pandemic and, more recently, the increased restrictions across the UK.”
“Deteriorating trading and cash flows have ultimately led the directors to take the difficult decision to place the company into administration.”
“We are exploring a possible sale of the business as a going concern and in the meantime, are continuing to trade the business. I’d encourage any interested parties to contact the joint administrators as soon as possible to express their interest.”
Oakley’s, which traces its origins as a company back to the 1950s, distributes gardening machinery and equipment, groundcare products and specialist golfing equipment. No redundancies have as yet been announced.
In its most recent financial accounts, for the 15-month period ending June 30 2019, Oakley’s reported fixed assets of £120,472, with current assets valued at over £1.5 million and net assets of £981,622.
At the time, the company had around £630,000 owed to creditors within one year, along with around £47,000 due after more than one year. It was also owed £408,880 by debtors.
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