Assets on sale as Betterware calls in administrators
The door-to-door home products company, which has more than 5,000 distributors around Britain, has announced the appointment of administrators just days after sister company Kleeneze entered administration.
Originally founded in 1928, the company became a household name when it relocated to Birmingham in the 1980s, providing home storage and personal care products via direct distribution channels. In 1986 it was floated on the London Stock Exchange and became one of the best performing shares in the early 1990s.
In 2015, Betterware was purchased by Texas-based consumer sales organisation JRJR. However, in the past nine months, the firm has reportedly suffered as a result of difficult trading conditions leading to financial issues.
The company officially entered administration on 13th April, with Gareth Rusling and Claire Dowson of Begbies Traynor appointed joint administrators. As a result, all 94 members of staff have now been made redundant.
Commenting on the firm's position, joint administrator Claire Dowson stated that a failure to find a purchaser for the whole business had led to the decision to offer interested parties the opportunity to acquire assets of the company.
"It is very sad to see the demise of such a long-established business," Ms Dowson said. "Our aim was, of course, to find a purchaser for the business as a going concern in order to safeguard the jobs, but unfortunately, despite our efforts, this did not prove possible."
She added: "We are now in the process of realising what assets we can in order to achieve the best possible returns for creditors."
Latest Wholesale and Distribution Businesses for Sale
With over £60k worth of trading, the company has a very reputable name within the tourist and leisure market. Excellent potential...
Cash and carry specialising in interior decorative PVC panelling and shelving also. Exterior, building and garden. Plastic products. All goods are paid before collection or despatch...
Import and distribution of £1 lines, supplying superstore with poundlines. Each product sold at 70p, monthly visits to all shop keepers to replenish stock. Excellent money-making business. NP £250k...
View More Wholesale and Distribution Businesses for Sale >>
Businesses for Sale
Do you want to gain access to the latest businesses for sale as well as all UK administrations, liquidations and all winding-up petitions?
Business Sale Report is your complete solution to finding great aquisition opportunities.
10 Biggest Buyer Mistakes
Fill in your details below to get our FREE guide