British Thornton ESF, the West Yorkshire-based maker of college and laboratory furniture, continues to be purchased by its management inside a address administrators that’s safeguarded 150 jobs.
Andrew Andronikou and Paul Zalkin of corporate recovery and business advisory firm Quantuma were appointed joint administrators of British Thornton ESF and its particular associated companies now.
Having conducted an accelerated marketing process, the Quantuma team brokered and completed an agreement to avoid wasting 150 jobs in a business sector that has seen a significant decline in the UK.
The sale may even maximise the dividend prospects towards companies’ creditors and may safeguard continued valuable workflow for its logistics.
Mr Andronikou said: “British Thornton has enjoyed an identity among the list of UK’s leading manufacturers specialising in furniture for education, schools and science laboratories with clients including schools, colleges, university and industrial research establishments, and we are happy to have have helped its restructure.
“During the past year this business has experienced severe trading conditions in a competitive sector where margins are going to be continually eroded.
“Although the organization refinanced on more than one occasion and benefitted from the recent difference in ownership and management, the accumulated debt burden prejudiced its continued trading
“We quickly established that the core business was viable and, furthermore, produced quality products which its clients clearly was satisfied with and accordingly pledged their continued support.
“After close study of the specifications available, we accepted a package through the existing management who, whilst they simply have been through office to get a relatively little while, are suffering from a very close working expertise in this company along with the confidence from the businesses customers and suppliers, also is an essential look at determining the proper suitor during these situations.”
