The administrators called in at Solus Garden & Leisure gave GTN Xtra assurances yesterday that deliveries were continuing as normal ahead what looks likely to be a peak trading week-end.
Price Waterhouse Cooper’s PR spokesman Kathy Maginn told GTN Xtra that the supply situation would be reviewed after the administrators had dealt with urgent staff issues. “Key suppliers will be contacted with an update next week,” she said.
Rob Hunt and Tony Barrell of PwC were appointed joint administrators on Thursday, ending weeks of speculation about the company’s future. They said a number of potential purchasers had already expressed interest.
Solus had failed to find additional investment following “difficult trading conditions”. Considerable interest had been shown in the business but no offers had provided a solvent outcome and as a result, the directors decided to place the company into administration.”
Talks with one potential partner, Scotts, broke down last month at an advanced stage of negotiations.
Solus, whose head office is at Hunnington,Worcestershire, had turnover of £29.3m in the six months to 30 March 2014. It has a workforce of 250.
It’s key wholesaling operation is complemented by a range of well-known brands, including Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.
Tony Barrell said PwC’s immediate priority was to engage with employees, key customers and suppliers so Solus could continue to trade. This, he believed, was achievable. Employees would continue to be paid “for work done prior to our appointment and whilst they continue to work”.
He added: “We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business.”