Leicester instrument manufacturer sold out of administration
A Leicestershire manufacturer of percussion instruments which slipped into administration in March has been sold to an independent music shop based in Surrey in a deal worth £245,000.
Frederick Hyde Ltd, which runs Chamberlain Music in Haslemere has bought the stricken business. The deal means Percussion Plus’s Market Harborough operation will close.
Percussion Plus, which was set up in 1987, entered administration in March after cuts in school budgets meant a large part of its business was reduced. Meanwhile, other customers had begun to order direct from the firm’s suppliers in Asia, putting a huge strain on finances.
Following administrators from Antony Batty & Company of London being called into Percussion all staff were made redundant. The firm employed around 10 people at the time.
Lindsay Cobbett, along with her late husband, bought the business in 2008 from Findel when it was making a loss. It sold around 1,000 lines – roughly half of which were made in Market Harborough.