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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children