Tue, 05 Feb 2019 | ADMINISTRATION
Burnley-based manufacturer and designer of home furnishings, Textile Imports Limited has entered administration. Offers are currently being sought for the purchase of the business.
Steven Muncaster and Sarah Bell, both of Duff & Phelps have been appointed as joint administrations and will continue to trade the business while a buyer is found.
The 33-strong workforce has blamed cashflow problems as the reason for the decision to enter administration.
Joint administrator, Steven Muncaster, said: “The company has faced a series of cash flow challenges in recent months as a result of a poor trading position.
“This has been driven, in part, by the softening of consumer demand which has depressed spending.
“It is, however, our stated intention to continue to trade the business as we search for a buyer and would encourage anyone who is interested to contact us.”
Established in 1953, Textile Imports has a rich history and manufactures, designs, imports and distributes a range of high quality branded home furnishings and also is a supplier of online and retail businesses of all sizes.
Trading from Network 65 Business Park, Hapton, the company also owns the brands Hamilton McBride and Home Creations; both are known for being high quality furnishings.
Duff & Phelps has a global presence and has experience advising on matters in corporate finance, investigations, disputes, cyber security, compliance and regulatory matters, and other governance-related issues. Client base ranges from publicly traded and privately held companies, law firms, government entities and investment organisations such as private equity firms and hedge funds.
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