Yorkshire contract furniture business enters administration
WP Eglin Ltd, a contract furniture business in Sowerby Bridge which has traded since 1880, has been placed in the hands of joint administrators Peter Sargent, Richard Kenworthy and Nick Reed of Begbies Traynor.
Trading as ‘Eglin’, the business designs and manufactures quality seating and table products for a number of key sectors including education and primary care as well as offices and passenger terminals.
Unfortunately, attempts to find a buyer for the business as a going-concern have proved unsuccessful and the company will cease trading from today (8 September 2014) as it has run out of funds and proved unable to secure financial support. All 23 staff will be made redundant.
The joint administrators are optimistic that a buyer will be found for the company’s intellectual property and name. The company’s substantial manufacturing facilities, Globe Works on Victoria Road, are also being marketed, offering prime redevelopment opportunities.
Legal advice to the administrators was provided by Andrew Walker of Irwin Mitchell in Leeds.
“It is always sad to see a business fail, particularly one with such a long heritage and loyal workforce,” comments Peter Sargent of Begbies Traynor’s Halifax office. “Eglin is a fairly small player in a congested market place, facing lots or larger competitors, and it was simply unable to secure the sales it needed to survive.
“We are currently doing all we can to support the former staff, including working with Job Centre Plus and using our own contacts to identify other employment opportunities. Alongside this, we are also making every effort to secure a return for the creditors by marketing the business’ assets and are confident that the Victoria Road site will prove of great interest to developers.”
Anyone interested in the Victoria Road premises should contact Peter Sargent on (01422 348448) or Howard Eastwood at Walker Singleton on (01422 430000).
Peter is authorised to act as an insolvency practitioner by the Department of Trade & Industry. He is a member of the Insolvency Practitioners Association and a Fellow of R3 (The Association of Business Recovery Professionals). Peter is a council member of R3 and is chairman of the regional activities committee, previously being the Yorkshire regional chairman. Peter began his career in insolvency 1980 at Revell Ward in Huddersfield where he became a partner in 1988. In April 1995 he established Sargent & Company, which merged with Begbies Traynor in November 2005.