Plumbs, a specialist in producing made-to-measure loose furniture covers, curtains and reupholstery, has been sold out of administration in a prepack deal.
Sarah O’Toole and Jane Steer of PwC have been appointed as joint administrators of Plumbs Limited. On appointment, the joint administrators completed a sale of the majority of the business and assets of the Company to Sarah Plumb Limited.
The sale includes the transfer of nearly all 239 employees. As part of the deal, all existing orders are being honoured, therefore protecting all customer deposits.
Plumbs is a long-established business and has operated from its headquarters in Preston, Lancashire for over 60 years. The Company has faced significant challenges recently due to trading underperformance and increased operating costs.
Sarah O’Toole, joint administrator and partner, PwC, said: “We are delighted to have secured a deal that not only preserves jobs in the local community but also gives the Plumbs business, which has been operating since 1960, a sustainable future.
“The purchaser has committed to honouring all outstanding customer orders for which deposits have been paid. We wish the Sarah Plumb Limited team every success as they take the business forward.”
