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Troubled manufacturer yet to find a buyer

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Administrators seeking a buyer for cooking ranges supplier Preston & Thomas have yet to receive any firm offers for the business.

Although the 100-year-old manufacturer’s business and assets have attracted interest from a range of parties, the company’s position remains unchanged from when it went into administration three weeks ago.

In a statement issued to Catering Insight, David Hill, partner at Begbies Traynor’s Cardiff office, said: “We have had a number of interested parties who have visited Preston and Thomas Ltd’s premises to view the assets, however, we are unable to say at this stage whether this interest is likely to lead to any offers.”

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Hill previously called the company “long established” and “highly regarded”, and said its aim was to secure its future.

Preston & Thomas was employing 25 people at its factory in Cardiff when administrators were called in. The business generated sales of £1.5m in its last fiscal year.

Last year saw the manufacturer book the largest ever single order in its history, a £100,000 contract for a giant eight-pan range from a customer in Scotland.

However, it was not enough to stem the overall decline in turnover during recent years, while delays in securing customer orders and customers taking delivery of ranges had also compounded its woes.

Tags : administrationbusinesscatering equipmentcookingcooking rangeProducts
Andrew Seymour

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