Tue, 17 Sep 2024 | ADMINISTRATION
International Decorative Surfaces Limited (IDS), a leading UK distributor of surfacing materials, has fallen into administration, with a buyer now being sought for the Staffordshire-headquartered company.
IDS operated from 12 sites across England and Scotland, 11 of which remain operational following the appointment of administrators, and was one of the largest distributors of decorative surface materials in Europe, with a stockholding of over 6,000 product lines.
However, the company, which underwent a private equity-backed management buyout (MBO) in 2022, has suffered as a result of the slowdown in the property and construction markets, which led to the business experiencing funding difficulties.
As a result of IDS’s issues, Alastair Massey and Tony Wright of FRP Advisory were appointed as joint administrators on September 9 2024.
Upon their appointment, some of the company’s approximately 393 staff were reportedly made redundant. Despite this, the joint administrators are continuing to trade through IDS’s stockholding while marketing the business and assets for sale.
The company has approximately half a million sq ft of warehouse space across its regional sites, as well as a fleet of 85 vehicles that enable nationwide delivery within 24 – 48 hours.
FRP partner and joint administrator Alastair Massey commented: "While IDS has faced significant challenges in recent months, it remains a business with considerable strengths and capabilities.”
"We're now focused on exploring all options to secure a future for the business, including marketing it for sale and we would encourage any parties interested in acquiring the business to make contact with us as soon as possible."
In accounts for the period from May 1 2022 to December 31 2022, IDS reported turnover of £78.7 million and pre-tax profits of around£1.2 million. At the time, its current assets were valued at approximately £53.8 million and net assets at close to £910,000.
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