Fri, 28 Jun 2013 | ADMINISTRATION
Bathroom products manufacturer Silverdale Bathrooms has entered administration with Duff & Phelps appointed to handle the matter.
Matt Ingram has been appointed to oversee the administration and is already looking for potential buyers for the company, which entered administration as a result of the withdrawal of its invoice factoring facility, according to reports from kbbreview.
Mr Ingram told The Sentinel: “It is our intention to keep the business open with a view to trading, as a buyer is sought for the business and its assets.
“We are currently in discussions with the landlord at the company's trading premises to establish whether this would be possible.”
He added that the firm was the subject of a management buyout back in 2011 but sales have failed to increase in-line with the business plan and eventually the overhead base of the business consumed working capital “to the point that there has been no option but to seek the appointment of administrators”.
Silverdale was formed following the buyout of the former Jacuzzi UK factory. The ex-managing director and marketing director of Jacuzzi UK, Mark Prince and Dave Tutton, oversaw the formation of the new firm. While it continued to sell products under the Jacuzzi Ceramic brand, it also began manufacturing items for the BC Sanitan and Silverdale brands.
The business had an annual turnover of £2.1 million at the time of the buyout and had been looking to develop its export market in the US, as well as in new areas such as Turkey, India and Australia.
Contact the administrators here
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