Joint Administrators Andrew Stone and David Costley-Wood from KPMG have completed the pre-pack sale of Sidcot Group in a deal that has saved more than 100 jobs.
The family-owned Group, which had operations in Oldham and Chesterfield, manufactured and converted tissue and hygiene products for UK distributors operating in the away-from-home (AfH) market.
Joint Administrators were appointed on 19 September following a sustained decline in the Group’s trading performance.
Upon appointment, the administrators facilitated a pre-pack sale of the business and assets of the Group to trade purchaser Northwood. The sale saw 104 staff employed by the Group transfer to the purchaser with the business’s owner-directors departing.
Andrew Stone, Joint Administrator and Director at KPMG, said: “Given the ongoing pressures of an increasingly competitive market and the declining availability of the Group’s working capital, it quickly became apparent that a solvent solution could not be found. As such, we’re pleased to have secured a positive future for the business’s employees, safeguarding roles across its operations in a relatively short timeframe.”