Stirling Group in administration
Stirling Group, the Cheshire-based lingerie
and swimwear supplier, which has contracts with retailers including
Marks & Spencer, has entered into administration
Stirling Group designs and manufactures clothing for big-name retailers, specialising in lingerie and swimwear.
Some 47 staff have been made redundant at the company’s head office in Altrincham with 150 being kept on in the hope that a buyer can be found. Stirling Group employs a further 50 staff in Nottingham who are also being kept on. In addition, the business has operations in Sri Lanka and India.
Bill Dawson and Lee Manning of Deloitte, the business advisory firm, have been appointed joint administrators of Stirling Group.
Dawson said: "Stirling Group has suffered as a result of the recession and the financial challenges that have impacted the economy as a whole. We will continue to trade the company as a going concern whilst actively exploring the options for sale".
A spokesman for M&S said: “We are taking measures to ensure this doesn’t affect our supplies.”
Stirling Group reportedly has a turnover of more than £100m. The company de-listed from the London Stock Exchange after a management buyout led by Steven Bentwood in 2003. The deal was valued at £60m.
Posted at 08:09PM Feb 02, 2010 by Kelly Board in Insolvency | Comments[0]
Acquisitions of Insolvent Companies Doubles
Research conducted by Experian Corpfin on behalf of R3 had revealed that business acquisitions and mergers more than doubled in 2009 with the figures expected to stay high throughout this year as well.
During the fourth quarter of 2009, there were 630 deals completed in the UK, of which 67 involved companies that were in some form of formal liquidation proceeding, that work out at around 1 in 9.
The figure increases even more if when you look at the year as a whole. 1 in 8 deals done involved distressed businesses amounting to 345 deals. This is a massive increase when compared with the 2008 figure, just 159 deals involved distressed companies, and this was just 1 out of every 27 mergers or acquisitions completed.
Peter Sargent, R3 President said:
“Acquisitions of insolvent businesses have risen significantly and remain high. While pre-pack administrations may account for some of these deals, others will be acquisitions by canny buyers taking the opportunity to pick up bargains while values are low. Either way, these statistics represent businesses being given a second chance of survival.”
Posted at 11:59AM Feb 02, 2010 by Kris Wigfield in Insolvency | Comments[0]
