Leicester-based business Thomson Hayes Retail Display Ltd has entered administration.
The company designed and manufactured retail display sets, predominantly for cosmetics brands, for use in department stores and shops. Clients included L’Oreal, Dior and Lancome. The firm was established in 1989 by directors Chris Thomson and Frank Hayes and employed 26 people.
The pandemic was instrumental in the downturn in bricks and mortar retail sales as consumers were forced to switch to online shopping. This, along with rising costs, impacted on the business which has been unable to recover.
Prior to the appointment of administrators, the company had taken the difficult decision to wind down its business and to ultimately cease to trade. The directors of the business endeavoured to honour outstanding contracts and to fulfil outstanding orders for some customers to maximise returns for creditors and stakeholders.
However, the directors’ endeavours to do so became increasingly problematic, resulting in the appointment of Tyrone Courtman and Deviesh Raikundalia of RSM UK Restructuring Advisory LLP as joint administrators on 22 February 2023, who are now exploring the feasibility of doing so.
The administrators will also be seeking any expressions of interest in the sale of the company’s remaining business and assets as a going concern, if at all practicable.
Unfortunately, 15 employees have been made redundant and the company will, in all probability cease to trade, during the week ending 10 March following completion of all outstanding works after which all of the company’s remaining employees will be made redundant. The joint administrators are liaising with the company’s employees to provide relevant redundancy support.
The administrators at RSM said they are working to secure the best outcome for creditors and all the company’s stakeholders.
