Tue, 17 Apr 2018 | ADMINISTRATION
Assets of 90-year-old national catalogue company Betterware are on sale after the firm called in administrators following collapse.
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."
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