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Leonard Curtis secures assets sale for Midlands bathroom product manufacturer
Leonard Curtis has helped to preserve the future of one of Walsalles oldest domestic bathroom manufacturers securing the sale of certain assets to IBC Products Limited after the company ceased trading.
Neil Bennett and Dane OHara of Leonard Curtis were appointed administrators of Imperial Bathrooms Limited on 31 January 2023 and immediately completed the asset sale to IBC Products Limited.
Imperial Bathrooms, founded in 1987, was a manufacturer and distributor of hand-crafted bathroom fixtures and fittings based in Aldridge, West Midlands employing 37 members of staff.
Whilst the Company had ceased trading prior to the Administration, the sale of certain assets to IBC Products Limited has secured the future of this long-standing brand.
Dane OHara, one of the appointed administrators, commented: Despite an accelerated but thorough M&A process, attracting in excess of 60 expressions of interest, we were sadly not able to identify a purchaser for the business and assets of the Company on a going concern basis.
Traditional manufacturing businesses in the UK are faced with a host of difficulties in the current climate, competing on price with overseas manufacturers whilst trying to manage the ever-increasing overhead and energy costs.
The Company was one of very few domestic manufacturers remaining in this sector, and despite the cessation of its manufacturing activities we are pleased that the sale of certain assets to IBC Products Limited will ensure that this prestigious brand continues into the future.
Dane added: We are continuing to liaise with all key stakeholders concerning the Administration process and anticipate substantial returns to the Companyes secured, preferential and secondary preferential creditors, as well as a potential return to unsecured creditors.
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.