Cabinet furniture supplier Kettle has completed a management buyback, launching as Kettle Home Ltd after Kettle Interiors UK Ltd was placed into voluntary administration last Friday.
On 24th March, Gary Shankland and Ken Pattullo of Begbies Traynor were appointed joint administrators of Kettle Interiors UK Ltd, which had begun to struggle financially due to escalating shipping costs since the onset of the pandemic, states the administrator. The company employed 126 people at its Macadam Road trading address in Corby, all of whom were made redundant.
In a statement to customers, Kettle Home CEO Ian Kettle (Stuart Caddy and Joseph Pignatiello are also listed as company directors) writes: "After a recent review of all aspects of the group’s trading operations it is clear that in order to continue and improve the service levels we offer to our valued customer base, our UK operation was in need of restructuring. As such, after careful consideration, the directors made the very difficult decision to place Kettle Interiors UK Ltd into voluntary administration on Friday 24th of March under the management of Begbies Traynor Group. The decision to do this has not been taken lightly and the directors would like to emphasise that all other efforts to avoid this decision have been exhausted in recent months.
"I am now able to confirm that Kettle Home Ltd has successfully negotiated the purchase of all stockholdings, outstanding order book, operating assets, intellectual property rights, including the name, product design and digital assets. Importantly, Kettle Home Ltd will continue to operate from 9am on Wednesday 29th March without major interruption to the services and products we provide to our loyal customers. All outstanding orders will be honoured and serviced by Kettle Home Ltd. All email addresses, telephone numbers and customer access to our website will remain the same. We welcome your communication and remain committed to our customers and the industry during the process of restructuring and look forward to continue serving you."
Ian goes on to say that any new orders placed by email or via Kettle's website from Friday 24th March 2023 will be processed by Kettle Home Ltd, and from Wednesday 29th March, payments for all new orders must be made to Kettle Home Ltd.
For outstanding orders placed prior to 24th March and paid for on a pro-forma basis, Kettle Home Ltd will honour the despatch of such orders, he adds – yet any outstanding invoices with Kettle Interiors UK Ltd will now be managed by Begbies Trayner Group and "should continue to be paid as they become due".
He says Kettle Home Ltd will honour valid claims that fall under the 12-month warranty period held against products purchased from Kettle Interiors UK Ltd.
"The team at Kettle Home Ltd look forward to continuing and improving the services, products and relationships that have been built over many years and we thank you for your continued support and custom," Ian concludes. "Please note as of 29th March, our offices and all departments are open and operational."
