Wed, 08 Aug 2012 | ADMINISTRATION
Wall and ceiling product seller Consortias Ltd has been bought out of administration by Guardian Building Products.
Consortias, based in Burton upon Trent and established in 2002, sells wall, ceiling and flooring related items including waterproof laminate flooring, wall and ceiling panels and decorative mouldings.
Consortias Ltd was adversely affected by changes to the exchange rate between sterling and the euro, which led to a cost price increase of 22 per cent from its Belgium-based manufacturers. It was unable to get back on its feet after a steep drop in sales in October 2011 and called in the administrators.
Dean Nelson was drafted in from accountancy firm Smith Cooper, and soon sought out potential buyers. Guardian Building Products Ltd has since completed its purchase of the troubled firm.
Mr Nelson commented on the deal, “Due to the current difficult economic climate and competition faced in the market, coupled with a volatile exchange rate, it was really pleasing to be able to secure the sale of the business and assets of a local company which has resulted in saving six jobs.”
Consortias had also reported year-on-year losses for the past few years and had been under pressure by HMRC to pay overdue bills.
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