Mon, 09 May 2011 | ADMINISTRATION
Work is underway to find a buyer for Leicester hosiery firm, Manchester Hosiery Ltd, after it fell into administration.
Administrators have been appointed to the company from business advisors, Danis LLP, and they have said that they are confident of successfully selling the 100-year-old business.
Danis partners, Martin Smith and Nicki Hawksley, said they were currently assessing the company's ongoing and future work orders to determine the viability of carrying on trading while a buyer is sought for the company and its assets.
"The company has suffered cash flow problems and made a loss during 2010, despite reducing the workforce and cutting overheads during the year," the administrators said. "The board expressed regret at making such a decision, conceded there were no other viable options and are hopeful a purchaser will be found."
The decision to go in to administration was made by the board following a comprehensive review of the company's financial position, carried out by Danis.
Manchester Hosiery, which operates from premises in Queens Road, Hinckley, specialises in both male and female underwear and outerwear, selling its products to a range of customers both domestically and abroad. The company currently employs 54 people and has an annual turnover of £1.8 million.
Go to this link to view the details of the sale and contact the seller - http://www.business-sale.com/businesses-for-sale/textiles-leicestershire-619854.html
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