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.
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