Wed, 04 Dec 2013 | ADMINISTRATION
FRP Advisory is seeking a new owner for Osbornes Stationers, a 20-branch, 180-year-old Birmingham business.
Established in 1832 as a printing business by Edward Corn Osborne, today it has seven stores in Birmingham, three in Warwickshire, three in Leicestershire, and single shops in Bristol, Tewkesbury, Worchester and Daventry.
The business has suffered in a difficult trading environment since the onset of the credit crunch in 2008, leading the directors to eventually draft in administrators this week. Its 140 employees are waiting to hear of their fate.
The situation had been helped by a loyal customer base and reputation for quality products, but losses over the past two years proved to be too heavy for Osbornes.
The administrators are now looking over Osbornes’ finances and store portfolio, and managing the business as a going concern while they undertake a “thorough sales process” to ensure its continuation.
FRP Advisory partner and administrator Steve Stokes said: “Osbornes is one of the oldest local businesses in the Midlands and has operated in Birmingham’s town centre for just shy of two centuries, enjoying a tremendous amount of goodwill and support from all the regional and local communities in which it operates.
“Despite the continuing support of a loyal customer base, anticipated cash flow problems have prompted the need for the directors to seek the protection of administration whilst the business is restructured and marketed for sale.”
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Related information:
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