SFP Achieves Six-Day-Sale of Business in Administration
Nationwide insolvency practitioner SFP has completed the sale of the Maidstone-based Jules Lang Glassware after it was placed into administration.
Jules Lang Glassware, which was the trading name of Stonder Limited, described itself as one of the leading independent national suppliers of tableware products to the foodservice and retail markets in the UK.
Clients ranged from blue chip national retail chains and foodservice suppliers to individual single site operators, and it had an extensive manufacturer base that allowed it to cover all sectors of the tableware market.
Due to ongoing cash flow problems, the company struggled to meet supplier obligations. This resulted in SFP’s Joint Administrators, Simon and Daniel Plant being appointed on 31 March 2017.
Following a valuation and marketing exercise on the company’s business and assets, offers for acquisition were sought and a sale was completed on the 6th April 2017.
“The speedy sale of the business ensures that it can continue to trade and service its pre-existing clients.,” Simon explains.