Edward Williams and Ross Connock of PwC were appointed joint administrators of Airsprung Group plc and Airsprung Furniture Ltd on 1st May.
Headquarted in Trowbridge, Wiltshire, Airsprung is a manufacturer of mattresses and beds which are sold to customers directly at its Trowbridge shop, online or manufactured for and distributed by other retailers. It operates from two manufacturing locations in Trowbridge.
PwC says the companies have experienced difficult trading conditions in recent years and increasing cashflow challenges over the last few months. In response, Airsprung explored potential investment and offers for the business but, given the cashflow position and the level and nature of interest, the directors had no choice but to place the company in administration.
Based on the overall trading and order book position, 71 of the companies’ 202 employees were made redundant upon appointment, while those remaining will be retained to assist with the ongoing operations of the business while interest is explored, PwC continues, adding that the joint administrators will support affected employees in making claims to the Redundancy Payments Service, and that their strategy is to trade the business ahead of discussions with customers and reaching agreements around completing outstanding orders alongside exploring any interest in the business and its operations.
Edward Williams, joint administrator and partner at PwC, comments: “It’s very sad that this well-known business with 150 years of history and iconic brands within the mattress and bed industry has had to go into administration, resulting in 71 job losses at this time. We know that this is an unsettling time for everyone impacted and we will support employees through the redundancy process. The administrators will be engaging with customers and exploring any interest in the business and its assets on an accelerated basis over the coming weeks and would encourage any parties to contact ourselves.”
Tean Dallaway, CEO and director of Airsprung, adds: “I would like to sincerely thank our customers and suppliers for their support over many years, and most importantly our employees for their dedication, professionalism and hard work. Their commitment has been central to the business, and it is very sad and disappointing that the business has entered administration.”
