Sat, 02 Mar 2019 | ADMINISTRATION
An interior fit-out company based in the Midlands has fallen into administration after experiencing a stressful financial period.
Paragon Interiors Group Plc, established by Alan Hardy – also the owner of Notts County league two football club – has called in business recovery specialists Leonard Curtis to handle the administration process, with partner Keith Turpin appointed as one of the administrators.
In a statement released by Hardy, he said: “Further to recent reports I can confirm that administrators were appointed to Paragon Interiors Group Plc.
“The directors met with the administrators […] to discuss a range of scenarios including the proposed sale of the business.
“All parties including myself are now working very closely together with the administrators to achieve the best possible outcome for all parties and people affected by this situation.
“For now and the immediate future my attention will be on whatever I can do for the business, its employees and its creditors.”
The company has numerous clients to its name, including Adidas, O2 and Jaguar Land Rover, and reportedly had a turnover of £62 million in the 15 months leading up to 30 June 2017.
Its pre-tax profits, however, dropped to £131000 in comparison to £2.9 million from the previous financial year.
A statement from Leonard Curtis said: “The joint administrators are seeking offers for the business in order to preserve jobs and maximise the return to creditors. It is understood that the company employs in excess of 90 people.”
The business and administrators are actively inviting offers from all interested parties and buyers.
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