September 30 2014 Latest news:
Thursday, May 15, 2014
Staff at a garden and leisure wholesaler face a wait to hear about their futures after the business was placed into adminstration.
Solus Garden and Leisure employs 250 people nationwide including 36 sales and distribution staff in Norwich.
Yesterday Rob Hunt and Tony Barrell of PwC were appointed joint administrators of the Worcestireshire based firm, which as well as wholesaling third-party products has a portfolio of brands including Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.
Directors called in administrators after failing to secure additional investment to support a turnaround of the business following difficult trading conditions last year.
Mr Barrell said while considerable interest was shown in the business, no offers provided a solvent outcome.
He 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.”
The words ‘I’m out’ too often spell the end for an invention before it has even left the drawing board.