UK leather manufacturer in administration
24/09/2018
Joseph Clayton & Sons Limited of Chesterfield appointed administrators on September 20, according to local media reports. This step is the UK equivalent of filing for Chapter 11 bankruptcy protection in the US.
A company that enters administration can exit by finding a buyer to take it on as a going concern, by reaching a debt-repayment agreement with creditors, or, if attempts to achieve either of these fail, by going into liquidation.
One of the joint-administrators for Joseph Clayton & Sons Limited, Emily Ball, was quoted by local media in Chesterfield as saying potential buyers had expressed interest initially in acquiring the tanning company but that no sale had materialised.
She said that the company’s cash position meant she and her colleagues had had to make 14 members of staff redundant right away but that 11 employees had remained in post “to assist us in the orderly winding-down of the company”.
Leatherbiz has asked Ms Ball for further comment and awaits a response.
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