Voyage Decoration, a designer, manufacturer, and distributor of premium fabric, soft furnishings and furniture based in Glasgow, has been sold to Ashley Wilde Designs Limited.
Blair Nimmo and Alistair McAlinden of KPMG LLP were appointed Joint Administrators of Voyage Decoration Limited on 22 March 2019.
Immediately upon their appointment, they concluded a sale of the business and its assets to Ashley Wilde Designs Limited, protecting jobs and securing the continuation of trade in the process.
Established in 1998, Voyage has an annual turnover of £12m with a loyal blue-chip customer base.
Its business model required it to hold significant levels of stock and recently the company found itself unable to secure sufficient finance resulting in stock shortages and a fall in sales. Despite this, its order book remains strong and its brand remains highly regarded.
Ashley Wilde will continue to trade Voyage from Glasgow.
Blair Nimmo, Joint Administrator and UK Head of Restructuring at KPMG, said:
“We are delighted to have been able to successfully conclude a sale to Ashley Wilde, protecting jobs and allowing the business to go on to the next stage of its development. The strength of the Voyage brand and the level of its ongoing order book will give the new owners a fantastic base from which to develop the business further. I wish them every success for the future.”
Ashley Wilde Designs Limited is part of the Hatfield-based Ashley Wilde Group, a specialist in furnishings, fabrics and home décor products for more than 60 years.
Ashley Brodin, Chairman of Ashley Wilde Designs Limited said,
“We’re delighted to be launching a brand new partnership with Voyage. With the resources of such a stable and renowned parent company, the Voyage brand will be able to invest in developing to its full potential like never before. We plan to radically enhance our customer offering and bring new exciting products to market, changes which will bring benefits to all our business partners. “
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About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.