Administrators place UK’s largest decorative surfaces distributor up for sale
The UK’s largest distributor of decorative surfaces has been put up for sale after it collapsed into administration.
International Decorative Surfaces (IDS) has made some of its 393 staff redundant after it failed to secure further funding due to a significant slowdown in the property and construction industries.
It was one of Europe’s largest distributors of decorative surface materials, with a stockholding of over 6,000 products. The group was carved out from French multinational Compagnie de Saint-Gobain (Saint-Gobain) after a management buyout deal was completed in 2022.
Private equity investor Chiltern Capital had backed the team which had also secured a multi-million asset-based lending facility from Secure Trust Bank Commercial Finance.
Administrators at FRP Advisory have put the business and its assets for sale, which include half a million sq ft of warehousing, supporting more than 50,000 monthly transactions, and an 85-vehicle fleet enabling nationwide delivery within 24-48 hours.
IDS employed 393 staff at its 12 locations across its Newcastle-under-Lyme headquarters and sites in Nuneaton, Leeds, Warrington, Exeter, Fife, Gateshead, London, Ely, Norwich and Swindon. 11 sites are currently still operational.
Headed up by CEO Andy Sutton, CFO Kevin Riddle and COO Paul Burns, IDS said last year it had transformed through investment into its operational systems, product lines, and people.
Riddle has since left the firm, alongside managing director John Bagshaw, who had led the business since its formation from the merger of L Bloom and Meyer Laminates in 1999. Tony Buffin was introduced as chair, who had previously held roles on the boards of Travis Perkins and Kingfisher and is currently the chair of HIG-backed Highbourne Group.
525 staff were employed by in its last accounts filed at Companies House and it had reported revenues of more than £78.7m.
Alastair Massey and Tony Wright of specialist business advisory firm FRP Advisory were appointed as joint administrators of IDS.
Alastair Massey, Partner at FRP and Joint Administrator said: “While IDS has faced significant challenges in recent months, it remains a business with considerable strengths and capabilities.
“We’re now focused on exploring all options to secure a future for the business, including marketing it for sale and we would encourage any parties interested in acquiring the business to make contact with us as soon as possible.”
