News blog
Smallbone
- BY: Andrew Hore |
- POSTED: 19/03/2009 |
Luxury fitted kitchens installer Smallbone has been unable to raise the cash it needs and has appointed PwC as administrator.
The shares were suspended on 3 March 2009 at 17.5p each, which valued the company at £4.38m.
The Smallbone and Mark Wilkinson Furniture businesses have been bought by Canburg Ltd, a company owned by Leo Caplan. Canburg will honour all the orders where deposits have been paid and the move will save around 400 jobs. The two businesses had annual revenues of around £48m.
Caplan has apparently been negotiating with Smallbone about acquiring the businesses for a number of weeks.
Smallbone had arranged a refinancing package but poor trading meant that this was not sufficient for the business to continue trading.
Smallbone appears to still own Paris Ceramics, the supplier of stone flooring. It is unclear if the US operations are included in the sale to Canburg.
Teathers has resigned as nominated adviser and broker. Smallbone has until 19 April 2009 to appoint a replacement but this seems unlikely.
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