Solus goes into administration
Here is the statement issued today by PwC on their appointment as administrators of Solus Garden & Leisure: -
Rob Hunt and Tony Barrell of PwC were appointed joint administrators of Solus Garden & Leisure Limited on 15 May 2014.
With a head office in Hunnington in Worcestershire, Solus is a leading wholesale supplier of garden and leisure products. It had a turnover of £29.3m in the six months to 30 March 2014 and employs around 250 people across its locations. As well as wholesaling third-party products, the Company has a portfolio of well-known brands; Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.
In late 2013, in the face of difficult trading conditions, the Company sought additional investment to support a turnaround. The directors have been engaged in discussions for some weeks with a range of parties to try and secure that investment. However, whilst considerable interest was shown in the business, no offers provided a solvent outcome and as a result, the directors have decided to place the Company into administration.
Tony Barrell, joint administrator and director, PwC said:
“Our immediate priority is to engage with employees, key customers and suppliers with the aim of continuing to trade; which we believe is achievable. We are pleased to confirm that employees will be paid for work done prior to our appointment and whilst they continue to work.
“We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business.”
Rob Hunt and Tony Barrell of PwC were appointed joint administrators of Solus Garden & Leisure Limited on 15 May 2014.
With a head office in Hunnington in Worcestershire, Solus is a leading wholesale supplier of garden and leisure products. It had a turnover of £29.3m in the six months to 30 March 2014 and employs around 250 people across its locations. As well as wholesaling third-party products, the Company has a portfolio of well-known brands; Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.
In late 2013, in the face of difficult trading conditions, the Company sought additional investment to support a turnaround. The directors have been engaged in discussions for some weeks with a range of parties to try and secure that investment. However, whilst considerable interest was shown in the business, no offers provided a solvent outcome and as a result, the directors have decided to place the Company into administration.
Tony Barrell, joint administrator and director, PwC said:
“Our immediate priority is to engage with employees, key customers and suppliers with the aim of continuing to trade; which we believe is achievable. We are pleased to confirm that employees will be paid for work done prior to our appointment and whilst they continue to work.
“We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business.”
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