Fri, 05 Apr 2019 | ADMINISTRATION
A company manufacturing ceramic products has collapsed into administration after experiencing cashflow difficulties.
Dudson (Holdings) Limited and Dudson Limited, headquartered in Stoke-on-Trent, has been forced to call in professional advisory firm PwC to handle the administration process, with partners Ross Connock and Matthew Hammond appointed as joint administrators.
Established in 1800, with trading operations in Australia as well, Dudson Limited operates a manufacturing plant in Stoke-on-Trent creating tableware ceramics. In spite of the administration, its international operations are not affected by the insolvency process.
Meanwhile, the company’s factory shop on Nile Street will continue to trade until the administrators valuate the existing stock.
The joint administrators explained that the cashflow issues were a result of a drop in sales and increased production costs. In the weeks leading up to the administration, management sought solvent solutions which failed to transpire, even as a going concern sale.
Connock said: “Unfortunately, due to challenging conditions it is not commercially viable to continue trading the company. Despite best efforts to sell the business as a going concern, sadly it was not possible.
“[…] our focus will now be on realising value for creditors from the remaining assets, including property, stock and plant and equipment, as part of the administration.”
Commenting on the administration, chief executive of the British Ceramic Confederation, Laura Cohen, said: “Brexit is making the trading conditions challenging for many of our members. We are saddened by this news.”
Dudson Limited is estimated to have a turnover of roughly £20 million, with intellectual property, a brand name, and assets in the form of its plant and machinery, all to its name.
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