Fri, 03 Feb 2012 | ADMINISTRATION
Workwear manufacturer Business Wear Company is set to return to profit after being bought out of administration less than 12 months ago.
Businessman Nick Atkinson, Swedish clothing maker Göte David and an unidentified investor bought the Leeds-based business, formerly known as 1st/CKL, in August last year from administrators at KPMG.
At the time, Business Wear Company had sales of £1.3 million and debts to creditors of £836,220.
The purchase secured all 22 employees’ positions. Over £2 million worth of new business has since been secured, and Business Wear Company now expects to make a profit at the close of its current financial year in July.
“The company was in a pretty bad state,” managing director Nick Atkinson told the Yorkshire Post. “It had run out of money so customers were not getting the service they needed, the company was haemorrhaging its accounts and staff were on part-time working hours.”
Having previously undertaken a successful buy-out of Prima Corporate Wear in 1999 before selling it on in 2005, Mr Atkinson was confident that he could bring a turnaround to Business Wear Company.
Managing its supply chain was an important move. Supply lines had to be opened to keep existing clients happy. “We did that through speaking to different companies and explaining who we were and restoring confidence,” Mr Atkinson said.
Good cash management, buying stock at competitive prices to improve margins and managing the business with more efficiency are other important factors.
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