Fri, 14 Sep 2012 | ADMINISTRATION
Dorset-based curtain and soft furnishings company, Mostyn's, has entered administration.
The business has been trading since 1950 and employed 128 staff in its head offices in Christchurch and retail outlets across the country.
Unfortunately, “difficult trading conditions” and problems regarding property leases have meant that it hasn't been able to continue, administrator Julie Palmer commented.
Speaking to The Retail Bulletin, Ms Palmer added: “Mostyn's is a very well-known business with a good reputation not just as an excellent local employer in the Christchurch area but for its stores in high streets up and down the country.
"We are delighted that the business has been sold as a going concern, safeguarding the vast majority of jobs."
However, a buyer has been found to allow the company to be sold as a going concern. WCDI Ltd has purchased the property and is looking at turning around its fortunes. Steve Lane from the business commented: “[We] are delighted to have purchased such a well-known brand both locally and nationally in a deal that now enables investment into the business and a brighter future.”
Mostyn's has an annual turnover of £7 million and employees 59 workers at its head office and manufacturing operation in Christchurch in addition to the employees that work from its retail outlets nationwide.
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