Fri, 10 Feb 2023 | ADMINISTRATION
Administrators are exploring options for the sale of the assets and residual business of a Greater Manchester-based arts and crafts products manufacturer as they wind up the company. Brian Clegg (Educational Products) Ltd went into administration on February 8, with FRP Advisory’s Anthony Collier and Richard Goodall appointed to oversee the process.
The company was founded in 1973 and supplied children’s arts and crafts products in the retail and educational sectors across England and Wales. The business operated from two Greater Manchester sites in Rochdale and Middleton.
The firm had been loss making for some time, a situation that was exacerbated by cashflow pressures resulting from rising input prices. Despite an accelerated merger and acquisition process, a viable buyer was not found for the company, resulting in the appointment of administrators.
Joint administrator and FRP partner Anthony Collier commented: "Brian Clegg was a well-established business with its products used in nurseries and schools across the UK. Unfortunately, the business was no longer sustainable in its current form and, as a consequence, has ceased to trade. We will now explore options for a sale of the residual business and assets."
"We will continue to provide support to impacted staff and will work with them to make applications to the Redundancy Payments Service."
In the company’s most recent reports filed at Companies House, for the year ending August 31 2021, its fixed assets were valued at £1.8 million and current assets at £3.8 million. At that time, the company’s net assets were valued at around £2.07 million.
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