Fri, 09 Jun 2023 | BUSINESS SALE
Manchester-based retail display specialist Axiom Marketing Services Ltd has been acquired by a connected party after falling into administration last month. The company, which was incorporated in 1955 and has traded from the same premises since 1957, designs, manufactures and supplies units for retail and storage.
Despite being a long-established firm, the company’s sales declined during the COVID-19 pandemic, with lockdowns and social distancing having a massive adverse impact on physical retail, meaning that many of the company’s customers faced their own financial difficulties.
Following a slow recovery from the impact of the pandemic, the company subsequently came under pressure from lenders and HMRC, prompting its directors to decide that it should be placed into administration. Scott Bevan and Rebecca Dacre of Mazars LLP were appointed as joint administrators on May 16, under instruction to secure a sale of the business and its assets.
Joint administrator Rebecca Dacre said the company had been impacted by “the combined headwinds of a slow recovery to pre-pandemic turnover levels and an increase in creditor pressure”.
She added: “The directors of the company had hoped to achieve a rescue of the company through proposing a Restructuring Plan, but when that wasn't possible they made the difficult decision to appoint administrators.”
The joint administrators conducted a marketing period seeking offers to acquire all or part of Axiom’s business and assets, ultimately securing a sale of the business and assets to a connected party, securing 50 jobs and continuity of trade.
Read about how 2021 regulations have impacted pre-pack administrations involving connected buyers.
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