One of UK’s oldest companies goes into liquidation

Chorley-based arts and crafts supplier G W Chadwick Ltd – established in 1880 and one of the oldest firms registered at Companies House – has been placed into liquidation.

Nick Hancock, insolvency partner at UHY Hacker Young Manchester, has been appointed as liquidator. The firm ceased trading on January 19.
 
Following a relatively short period of slower than expected trading during recent months with one of the firms key customers, which represented 80% or more of the organisation’s overall trade, the company has struggled to maintain its financial position.

“The directors have historically invested every possible personal source of cash into supporting faltering cash flow in the business but these resources are now at an end,” said Hancock.

After seeking advice from the UHY Hacker Young turnaround and recovery team the directors were advised to take the necessary steps to cease trading and place the company into liquidation.  

Hancock said: “G W Chadwick was severely affected by slower than expected trading over recent months combined with some historic indebtedness that has caused the company to struggle to maintain and control cash flow.”

Formal instructions were issued to UHY Hacker Young on 19 January 2017 to assist in convening meetings of the firm’s shareholders and creditors, and the firm was appointed as liquidator to the business on 16 February 2016.

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