Curtain and Fabric Company Successfully Sold Following Administration
Mostyns, a well-known curtain and soft furnishings retail chain based in Christchurch, Dorset, has been placed into administration after several years of difficult trading conditions.
Joint administrators Julie Palmer and Simon Campbell, from Begbies Traynor, have sold the business, which operates 35 stores throughout the UK as well as an online curtain and fabrics service to WCDI Limited.
Mostyns, which has an annual turnover of £7m, has been trading since 1950 and employs 128 staff across its 35 retail outlets nationwide, as well as 59 employees at its head office and manufacturing operation in Christchurch.
Administrator, Julie Palmer, said: “Mostyns is a very well-known business with a good reputation not just as an excellent local employer in the Christchurch area but for its stores in high streets up and down the country. We are delighted that the business has been sold as a going concern, safeguarding the vast majority of jobs.”
She added: “Despite a solid underlying business and sales, difficult trading conditions together with the costs of dealing with certain historical problems including onerous property leases has resulted in the company being put into administration. This sale is the culmination of an intensive six-week sale process which has successfully preserved the business as a going concern.”
Steve Lane of WCDI commented: “Mostyns has an excellent reputation for quality products manufactured in Dorset. WCDI are delighted to have purchased such a well-known brand both locally and nationally in a deal that now enables investment into the business and a brighter future.”
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and the None Administrative Receivers Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.