Administrators’ deal saves 150 jobs at manufacturer

West Yorkshire school furniture manufacturer British Thornton ESF has been bought by its management in a deal with administrators that secures 150 jobs.

Andrew Andronikou and Paul Zalkin of corporate recovery and business advisory firm Quantuma were appointed joint administrators of the Keighley-based group on Wednesday.

The Quantuma team, having conducted an accelerated marketing process, brokered and completed a deal to save all 150 jobs in a business sector that has seen a significant decline in the UK.

Although British Thornton ESF’s most recent accounts, for 2016, showed a £1m profit on £20m revenues, it followed a £3m loss the year before.

Andronikou said: “British Thornton has enjoyed a reputation as one of the UK’s leading manufacturers specialising in furniture for education, schools and science laboratories with clients including schools, colleges, university and industrial research establishments, and we are delighted to have assisted in its restructure.

“During the past year the business has experienced severe trading conditions in a very competitive market place where margins are being continually eroded.

“Although the business refinanced on more than one occasion and benefitted from a recent change in ownership and management, the accumulated debt burden prejudiced its continued trading.

“We quickly established that the core business was viable and, more importantly, produced quality products which its customer base clearly was pleased with and accordingly pledged their continued support.

“After close examination of the options available, we accepted an offer from the existing management who, although they have only been in office for a relatively short period, have developed a close working knowledge of the business and the confidence of the businesses customers and suppliers, which is also a key factor in determining the appropriate suitor in these situations.”

More to follow.