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Joint Administrators complete sale of Sidcot Group

Joint Administrators complete sale of Sidcot Group

Joint Administrators Andrew Stone and David Costley-Wood from KPMG have completed the pre-pack sale of Sidcot Group (the ‘Group’) in a deal that has saved more than 100 jobs.

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Joint Administrators Andrew Stone and David Costley-Wood from KPMG have completed the pre-pack sale of Sidcot Group (the ‘Group’) in a deal that has saved more than 100 jobs.

The family-owned Group, which had operations in Oldham and Chesterfield, manufactured and converted tissue and hygiene products for UK distributors operating in the away-from-home (AfH) market.

Joint Administrators were appointed on 19 September following a sustained decline in the Group’s trading performance.

Upon appointment, the administrators facilitated a pre-pack sale of the business and assets of the Group to trade purchaser Northwood. The sale saw 104 staff employed by the Group transfer to the purchaser with the business’s owner-directors departing.

Andrew Stone, Joint Administrator and Director at KPMG, said: “Given the ongoing pressures of an increasingly competitive market and the declining availability of the Group’s working capital, it quickly became apparent that a solvent solution could not be found. As such, we’re pleased to have secured a positive future for the business’s employees, safeguarding roles across its operations in a relatively short timeframe.”

 

ENDS

 

Notes to Editors:

Trade and creditor enquiries should be directed to: Matt Herbert – matt.herbert@kpmg.co.uk

Employee enquiries should be directed to: Maxcine Reely – maxcine@kpmg.co.uk

 

For media queries only, please contact:

Tim Wood, Citypress (on behalf of KPMG)

T: +44 (0)161 235 0359

tim.wood@citypress.co.uk

 

KPMG Press office

Tel:  +44 (0) 20 7694 8773

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 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.

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