Tue, 03 Sep 2024 | BUSINESS SALE
Administrators have secured a sale of part of a group of Lincolnshire agricultural machinery dealerships. The Burdens Group fell into administration on August 19, having earlier filed a notice of intention to appoint administrators (NOI), with Gareth Rusling and Robert Dymond of Begbies Traynor appointed as joint administrators.
The Boston-headquartered group had outlets across the county, with locations near Lincoln, in North Kyme, Louth and Brigg. It was founded in 1972 and offered a range of tractors and agricultural machinery and spare parts, as well as servicing and repairs, and was one of the main New Holland dealers in Lincolnshire.
However, in accounts for 2022, the company saw its turnover decrease slightly from £25.4 million to £24.9 million, while it fell from a pre-tax profit of approximately £50,000 to a nearly £398,000 loss.
In the report, group directors stated that a positive start to the year had been followed by supply chain issues, an economic downturn for growers following the start of the war in Ukraine, uncertainty over 2023 harvest input costs and rising interest rates.
As a result, it had failed to meet its forecasts during the final third of the year. During the year, the group also pursued cost-saving measures, including the closure of a site in Wragby.
Following the appointment of administrators last month, the group’s South Lincolnshire branches in Sutterton and North Kyme have been acquired by Ernest Doe & Sons. The deal adds to Ernest Doe’s existing network of branches across Essex, Kent, Suffolk, Norfolk, Surrey, Cambridgeshire, Sussex and Hertfordshire.
Ernest Doe Managing Director Angus Doe commented: “Our focus is on maintaining the strong customer relationships cultivated by The Burdens Group, while introducing the high standards of quality and service that have defined Ernest Doe & Sons for over 125 years.”
Click here to download our free guide on finding and buying distressed businesses and assets
Lucrative opportunity to own a licensed convenience store in a busy residential setting with great growth potential.
FREEHOLD
Exciting opportunity to purchase a profitable village store with added services and accommodation.
FREEHOLD
Established in 1998, this designer children's boutique represents the pinnacle of independent retailing in the Midlands, situated prominently on Leicester High Street. Offering an extensive array of designer children's clothing from over 30 esteemed...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.