Rob Hunt and Tony Barrell of PwC were appointed joint administrators of Solus Garden & Leisure Limited on 15 May 2014.
With a head office in Hunnington in Worcestershire, Solus is a wholesale supplier of garden and leisure products. It had a turnover of £29.3m in the six months to 30 March 2014 and employs around 250 people across its locations. As well as wholesaling third-party products, the Company has a portfolio of well-known brands; Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.
In late 2013, in the face of difficult trading conditions, the Company sought additional investment to support a turnaround. The directors have been engaged in discussions for some weeks with a range of parties to try and secure that investment. However, while considerable interest was shown in the business, no offers provided a solvent outcome and as a result, the directors have decided to place the Company into administration.
PwC director and joint administrator Tony Barrell said: “Our immediate priority is to engage with employees, key customers and suppliers with the aim of continuing to trade; which we believe is achievable. We are pleased to confirm that employees will be paid for work done prior to our appointment and while they continue to work.”
He added: “We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business.”
