Pittards which has a lengthy history of manufacturing and supplying premium quality leather goods has advised of its intention to appoint administrators. The action by the directors of the historic Somerset company, which was famed from 1826 for its design and manufacture of high quality leather gloves, came as efforts to raise sufficient funds to refinance the business stalled with just £330,000 pledged.
In its statement to the London Stock Exchange, the business said: “On 27 July 2023 the company announced that it was considering its strategic options for the benefit of its stakeholders which could include an orderly sale of the business and the company’s assets.
“Whilst a sale process of the business and assets of the company has been initiated, due to the group’s current financial uncertainty and in light of increased creditor pressure, following discussions with its advisors the board has regrettably resolved to file a notice of intention to appoint Ernst & Young LLP as administrators to the company as soon as reasonably practicable.
“The board is taking this action to protect the interests of its creditors.”
Pittards employs 200 staff in the UK plus a further 1000 in Ethiopia.
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