Date Published: 12th January 2015
Part of WP Eglin Ltd, a West Yorkshire contract furniture business which has traded since 1880, has been sold out of administration in a deal negotiated by joint administrators from Begbies Traynor.
The company was established as a contract furniture manufacturer, however, over recent years it has developed a strong brand recognition as a designer and manufacturer of mass and lounge seating for airports and other transport terminus, carrying out installations around the world.
Following unsuccessful attempts to find a buyer for the business as a going-concern, WP Eglin was placed in the hands of Peter Sargent, Richard Kenworthy and Nick Reed of Begbies Traynor on 8 September 2014 and immediately ceased trading as it had run out of funds and was unable to secure financial support. On 31 December 2014, the joint administrators completed a sale of the company’s brand name and intellectual property rights to Race Furniture Limited, based in Gloucestershire.
Andrew Walker, insolvency and restructuring partner at Irwin Mitchell in Leeds, advised the administrators on the deal.
“WP Eglin suffered from being a small player in an increasingly competitive market place and it’s extremely sad to see the demise of such an historic Yorkshire business, along with the accompanying loss of local jobs,” comments Peter Sargent of Begbies Traynor’s Halifax office. “However, as a result of this deal, at least the company name and its designs live on.
“This sale secures a better return for the creditors and we are continuing to market the company’s substantial manufacturing facilities, Globe Works on Victoria Road, which offer prime redevelopment opportunities and are already proving of interest to developers.”
Andrew Walker of Irwin Mitchell, said: “WP Eglin is a well-established contract furniture business and despite having a strong reputation across a number of sectors, it has faced some tough trading conditions recently. This was a complex deal, but we are delighted that it has completed successfully and in doing so, kept the brand alive.”
View the company's substantial manufacturing facilities, Victoria Road, Sowerby Bridge, Yorkshire.
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.