Leather manufacturing group Pittards has filed a notice of intention to appoint administrators. Its intention is to appoint professional services firm Ernst & Young to find a buyer for the business and its assets.

The UK-based group launched an exercise in July to raise enough funds to keep trading. At the end of the month, it announced that its attempts had been unsuccessful and that it would now seek other options.

On August 8, it announced that it had initiated the process for selling the business, but that the group’s current financial uncertainty and “increased creditor pressure” had led to the descision to place the sale process in the hands of administrators.

It said it had taken the decision to protect the interests of its creditors.

Share this story: