Queen's curtain maker in receivership
Sanderson, the Queen's curtain maker, has slipt into administrative receivership after it ran out of money halfway through its restructuring programme.
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The company, which was established in 1890 and specialises in old-fashioned curtains, fabric and wallpaper, was undergoing a restructuring programme, following a management buyout, backed by a Dutch private equity firm.
Deloitte & Touche partner Neville Kahn said the company had been hit by poor trading in the second quarter and this, despite the restructuring, had ‘exhausted the company’s debt facilities.’
He said: ‘It’s not a huge business, it turned over £23m last year but the purchaser will be able to acquire it debt-free and the price [we are looking for will reflect that].
Khan expects to continue trading the company whilst finding a buyer and reassured existing customers their orders would be filled. He told the Financial Times Sanderson had already generated a lot of interest and had suitors both in the UK and overseas.