JP Distribution, a Yorkshire-based bathroom and kitchen product distributor has appointed administrators.
The company was in the process of Management Buyout (MBO) when a key element of financial backing reportedly fell through amid the economic turmoil surrounding the COVID-19 pandemic.
The business has appointed Francis Graham Newton and Simon Edward Jex Girling of BDO LLP to handle the administrators. They will now act as agents of the Company to handle its affairs.
Reports from Kbbreview suggested that JP Distribution’s managing director was close to securing the finance the business would have required, but unfortunately, the backing fell through as the pandemic escalated.
The administrators are open to receiving communication from interested parties, whether for the business as a whole, or specific assets.
The news comes amid a wave of administrations and liquidations amid the COVID-19 pandemic and the related economic downturn.
Shopping centre giant Intu has been teetering on the edge of administration since late June; the business behind Harvey’s furniture store and Bensons for Beds has faced its own challenges, and at the start of July appointed administrator PwC; while high street restaurants and shops including Café Rouge and Byron Burger have been hitting the headlines weekly with updates on their decline.
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