Jobs under threat unless furniture company finds a buyer
PUBLISHED: 07:52 28 July 2011
AS many as 70 jobs will be seriously under threat unless a buyer for a 57-year-old Saffron Walden furniture company can be found.
Pedley Furniture International, which operates from the Shire Hill industrial estate, has been crippled financially forcing administrators to admit that unless someone comes forward the business will close before the end of September.
“Demand has dropped and quite simply the cash flow has run dry,” said Jason Baker, partner at Advisory LLP, a specialist restructuring, recovery and insolvency firm in charge of finding a buyer.
“Pedley Furniture International has experienced a lower than expected volume of sales, leading to a drop in turnover.
“In the interest of the creditors and stakeholders, a decision has therefore been taken to put the company into administration, to enable it to continue whilst a buyer is sought.”
The family-owned business employs around 70 members of staff, some on an agency basis, and was originally founded in 1954 to provide furniture and fittings for hotels across the UK and internationally.
Mr Baker said they are facing up to the fact that if a buyer is not found “the business will close” adding: “It is an important business for Saffron Walden. We hope that we are able to sell, to safeguard jobs and enable the business to continue into the future.”
The company was placed into administration on July 22, but will continue to trade over the next month. It is hoped that a sale can be concluded within six weeks.
Pedley’s has become an established brand and one of Europe’s premier manufacturers of hotel bedroom furniture.
It has completed many prestigious developments and has strong relationships with a number of the industry’s leading operators. Its managing director Alan Pedley remains “very proud” to be a part of such a “distinguished company”.
He added: “The company is known for its superior products and high-quality customer service.
“We are working hard with FRP Advisory to secure the survival of Pedley Furniture International and are hopeful of a positive outcome for everyone involved, as well as for the continuation of British manufacturing.”
Interested parties in the sale of the business should contact Andrew Cranmer at FRP Advisory on 07920501 908 or via email at email@example.com.
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