Tue, 15 Jun 2010 | ADMINISTRATION
Lincolnshire-based outdoor clothing retailer G.H. Tayberry & Co Limited has been put on the market, with potential buyers circling.
The sale came about as Tayberry entered administration with the appointment of Adrian Allen and Graham Bushby of Baker Tilly Restructuring & Recovery, after its bank HSBC withdrew its support of the struggling business.
A total of 63 staff have been made redundant, and the business is still trading but on a limited basis by the administrators.
Mr Allen commented: "Tayberry is one of many UK businesses operating in the tough retail sector which has suffered from changing customer demand and working capital issues, compounded by reduced credit from UK and worldwide suppliers."
The administrators are now seeking to sell the business and assets of Tayberry, which sells branded outdoor clothing, footwear and accessories.
Tayberry, established in 1997, had brought in severe cost cutting measures to save the business, and despite a good profit forecast for 2011, its bank relinquished its support. The business also had plans to begin exporting its clothing to Europe.
One of the managing directors Beverly Ross said: "It's been difficult since the 2008 recession kicked in and 2009 was difficult but 2010 was looking more positive."
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