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Date Published: 10th February 2023
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On 31 January 2023 Andrew Little and Gillian Sayburn of Begbies Traynor in Newcastle upon Tyne were appointed as joint administrators of Traidcraft plc.
With its headquarters in Gateshead, the Christian organisation has spent four decades advocating the importance of organic farming, sustainability and transparency to the lives of growers and artisans around the world. Traidcraft offered a huge range of ethical and fairtrade foods, beverages, household cleaning and rubber products, as well as fairtrade crafts and clothing, via a large, independent, extended network of ‘fairtraders’ and through its website.
The business had been loss-making for a number of years as it has faced increased competition from a growing number of mainstream shops stocking fairtrade products. Its problems were exacerbated by Covid lockdowns as well as by the pre-Christmas postal strikes which impacted online orders. Having borrowed money to fund the working capital ahead of the Christmas selling season, the business proved unable to repay these loans, and Begbies Traynor was appointed to place it into administration.
Traicraft plc’s assets, which include a large circa 100,000sq ft warehouse and offices in Team Valley plus a wide range of fairtrade stock, are being marketed by Eddisons.
The business has ceased trading and all 40 employees have been made redundant.
Andrew Little, joint administrator and partner at Begbies Traynor in Newcastle, said: “Traidcraft really was one of the founders of the world fairtrade movement and it’s sad to see its demise although there’s no doubt that over the last 40 years, it has helped drive consumer demand for ethically-sourced products.
“We are currently working closely with Eddisons to market the business in order to provide the best return for creditors and we have already received interest from potential purchasers.”
For further information about the sale of Traidcraft plc, please contact Andrew Little on 0191 269 9820.
Andrew Little is a Partner at Begbies Traynor in the North East, having joined the firm in January 2021.
He has more than 30 years’ experience as an ICAEW chartered accountant and moved into the insolvency sector in 2005. He gained his insolvency practitioners' licence three years later in order to take appointments in formal insolvency proceedings.
Andrew specialises in corporate rescue and recovery, and has a wealth of experience assisting company directors who are experiencing cash flow and financial problems in their businesses. He has experience of working with small business across most sectors including construction, leisure, hospitality and retail.
Andrew works alongside fellow partners Gerald Krasner, Gillian Sayburn and Ian Kings, supporting the development of Begbies Traynor’s presence in the region from its office in Newcastle upon Tyne.
In his spare time, Andrew is a dab hand in the kitchen and loves to cook a range of different and challenging cuisines.
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