Deloitte looks to sell luxury pram group
Luxury pram-maker Silver Cross has gone into administration for the second time in its 125-year history after 'financial irregularities' were discovered at its Manchester holding company.
Link Click to read more business recovery stories.
Angus Martin, a partner in Deloitte’s Leeds office, was appointed administrative receiver by the directors of the holding company, Design Company Holdings Ltd, after the firm discovered ‘financial irregularities’ of about £3m at DCH.
Silver Cross employs 125 people at its Guiseley factory, while DCH has 86 employees. The other companies in the group – Silver Cross Ltd, Silver Cross Chrome Plating Ltd and Daletex Ltd – are also being sold.
‘For the time being I am reviewing the company’s position to assess the extent to which trading can continue and I am also looking for buyers of parts or all of the business,’ said Martin.
He added that the accounting irregularities were in the valuation of stock at The Design Company (Manchester) Ltd – accounting records indicated that stock valued in the region of £6m, appeared to be overstate by £3m.
Silver Cross emerged from administration in 2000 after it was sold to Design Company.