Manchester Hosiery calls in administrators
Hinckley-based retailer Manchester Hosiery has fallen into administration. Derby business adviser Dains has been appointed to manage the company's affairs as it seeks a potential buyer for the business.
Martin Smith and Nicki Hawksley of Dains have been appointed as joint administrators.
Dains said the pair were currently assessing ongoing work and future orders to determine whether trading whilst in a administration was a viable option.
The appointment of administrators followed a review of the company’s financial position, which Dains had been instructed to carry out by the board. The company has suffered cashflow problems and made a loss during 2010, despite reducing the workforce and cutting overheads during the year.
Manchester Hoisery sells its products to customers both in the UK and abroad. It currently employs 54 people and had an annual turnover of £1.8m.
The company's board said it had conceded that there were "no other viable options for the company to take in the current circumstances". It added it was hopeful that a buyer could be found.
