Wed, 05 Jul 2023 | MBO/MBI
Silvan Select, a Leicestershire-based supplier of sustainable wood and laminate flooring, has been acquired after falling into administration last month. The company, which operates from the Thurlaston Sawmill, Enderby Road, has been acquired by an undisclosed buyer.
The firm, which trades as Silvan Floors, produces handmade flooring sourced from sustainable timber, with its brands including Axedo, Genus and Silvan. The firm supplies its products to “leading international designers, architects and individuals around the world”.
However, the company struggled as a result of adverse trading conditions, with directors attributing its problems to price rises and the war in Ukraine, which they said affected the supply of raw materials. According to the company’s accounts for 2021, it also owed creditors over £709,000 in 2021.
In June, the company posted a notice of intention to appoint administrators, before subsequently appointing Phil Ballard of Ballard Business Recovery and Craig Ridgley of Mercian Advisory as joint administrators on the same day.
Following the appointment of the joint administrators, the company’s business and assets were sold to an undisclosed buyer, with the majority of its employees transferring to the purchaser immediately. Joint administrator Craig Ridgley commented that the sale “will provide the best return to the company's creditors in the circumstances."
According to Silvan Select’s most recent accounts at Companies House, for the year ending December 31 2021, its fixed assets were valued at £178,642 and current assets at around £898,000. However, the company’s significant liabilities meant that its net assets were valued at just under £125,000.
Read about conducting M&A during an economic downturn:
Finding M&A value in an economic downturn.
Conducting due diligence in a downturn - Unlocking value and avoiding hidden risks.
On the market is a business specialising in steel fabrication and erection services for conventional steel and pre-engineered building structures. It is one of the leading structural steel fabrication companies in the South East area of England and i...
Seize the chance to acquire a premium alcohol brand with an extensive global distribution network, offering significant growth potential.
The company is a well-established family business based in West Berkshire. It has a loyal network of repeat customers drawn from the UK, Ireland and the far east. As well as producing bespoke frost heave prevention systems, they also manufacture cond...
01
|
Apr
|
Law firms merge to create regional powerhouse | MERGER
A Lincolnshire and Yorkshire law firm have announced they ar...
01
|
Apr
|
Jackson Jackpot falls into administration | ADMINISTRATION
Online competition business Jackson Jackpot Ltd has gone int...
01
|
Apr
|
UK administrations: March 26 – April 1 | ADMINISTRATION
Since our last update, the following businesses have been co...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
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.