Buyer sought as commercial laundry business goes into administration
Administrators at business rescue and recovery specialists Begbies Traynor have been appointed to pursue the sale of a Port Talbot-based commercial laundry business which has been placed into administration.
Dyfed Cleaning Services Ltd – which was adversely hit by a significant fire two years ago – is operating as usual as a buyer is sought.
Joint administrators Steve Wade and David Hill – from Begbies Traynor’s Cardiff offices – were appointed on January 29.
Mr Wade said the company’s main office, in Port Talbot, together with a distribution site and three additional operations in West Wales, would be of interest to a number of national operators and a quick sale was expected.
“We have secured the immediate future of some 70 employees and it’s very much business as usual as we go to the next stage,” said Mr Wade.
Dyfed Cleaning Services Ltd is one of the largest and longest established commercial laundries in South Wales. It offers a range of linen, laundry and work wear cleaning services for businesses and leisure facilities. The company also has a number of dry cleaning and launderette outlets in West Wales, as well as a distribution site in Haverfordwest.
The Port Talbot site was hit by a fire in January 2013, which extensively damaged the building. Mr Wade added: “Turnover has been hit hard since the fire, but the business continued to trade. The business also received the support of many of their suppliers during what was a very troubled time, and though the business has continued to move forward, administration eventually became inevitable due to a number of external forces.”
Steve is a qualified insolvency practitioner, having started his accountancy career with Deloitte Haskins & Sells, staying with them through the various mergers until leaving Price Waterhouse Coopers in the late 1990s. He then spent a few years working in credit insurance underwriting and recoveries, before joining Begbies Traynor in 2002 to help set up its first office in south Wales based in Newport. He moved to the Cardiff office following Begbies' acquisition of a leading liquidation practice in the city and currently works on trading assignments, as well as other corporate appointments and business reviews.
A keen musician, Steve spends much of his free time playing for a number of groups performing across south Wales and beyond.