A leather manufacturing business in the UK, Spire Leather, has gone into administration.

Restructuring and insolvency practice Opus Business Advisory Group has been appointed as the administrator of Spire Leather. Administrators usually seek to agree debt payment plans with creditors, which can allow companies to continue trading.

If, however, the administrators are unable to secure an agreement with creditors or to find a buyer willing to take on the business and any outstanding debt, the process can also lead to liquidation.

Chesterfield-based Spire Leather took over the business of Joseph Clayton & Sons in 2018 following the collapse of the original company, which had been manufacturing leather in the Derbyshire town for almost 180 years.

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