Date Published: 10th September 2014
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).
Following graduation from the University of Hull, Julian qualified as a Chartered Accountant with Coopers & Lybrand in Leeds. In 1989 he was the joint founder of Wilson Pitts, a specialist independent practice dealing with all aspects of insolvency and corporate recovery work. Subsequently in 2006, the Wilson Pitts practice was acquired by Begbies Traynor where Julian is now the Regional Managing Partner for the North-East region.
Julian has significant experience in advising SMEs and their stakeholders, seeking innovative solutions to financial challenges.
With family roots in Devon, Julian has been a life-long supporter of Plymouth Argyle and he also spends time rallying a Mk1 Lotus Cortina as well as trying to reduce his golf handicap.