Pisani plc, the Matlock headquartered stone merchant that went into administration in June, owed almost £8m to creditors, it has been revealed.
As East Midlands Business Link revealed in June, Pisani’s directors had hoped they had turned the firm around, having posted an increase in turnover of 78% – translating into profits of over £729,000 (compared with a loss of £1.2m previously)
But, despite performing above expectations in the first quarter of 2017, and seemed ready to diversify its product range, it was uncertain of the effects of Brexit and, having run into further cash flow problems, and faced a winding up petition from HMRC, appointed Deloitte as administrators.
In June, administrators said they were looking to close the Matlock and Oldmeldrum sites and sell the Feltham office as a going concern. They planned to trade the business in the short term, retaining 33 out of 46 staff.
However, last month, Aberdeen-based quarrying and construction materials group Leiths (Scotland) bought Pisani’s Oldmeldrum site which traded under the name Fyfe Glenrock.
Documents show Pisani owed around £550,000 to HMRC when it entered administration.