Fri, 16 May 2014 | ADMINISTRATION
Solus Garden & Leisure, a wholesale provider of garden and leisure products, has entered administration while a buyer is sought for the business.
Rob Hunt and Tony Barrell of PwC were appointed joint administrators of the Worcestershire-based company yesterday (15 May) after the wholesaler experienced financial difficulties when attempts to find investment to support a turnaround failed. In a statement, PwC revealed that "considerable interest" was shown in the business but no offers to provide a solvent outcome were forthcoming.
Solus Garden & Leisure had a turnover of £29.3 million in the six months to 30 March 2014. The company, which employs around 250 people across the UK, owns brands including Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.
At the end of last month a representative from the company said that negotiations with buyers were progressing.
Tony Barrell, joint administrator and director at PwC, said: "Our immediate priority is to engage with employees, key customers and suppliers with the aim of continuing to trade, which we believe is achievable.
"We are pleased to confirm that employees will be paid for work done prior to our appointment and while they continue to work. We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business."
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