Thu, 03 Jul 2014 | ADMINISTRATION
A Rochdale-based importer and wholesaler of a wide range of goods has gone into administration after a downturn in trade.
Sherwood Agencies deals in products ranging from electrics and garden furniture to inflatable costumes and children’s toys. Accountants and business advisers Beever and Struthers have been appointed as administrators of the business which, just weeks after celebrating its 40th birthday, has ceased trading with 20 jobs being lost in the process.
The family-run company started in 1974 in Cheetham Hill before moving to Heywood, Rochdale. According to the Manchester Evening News, Sherwood’s figures show that sales have steadily fallen from around £38 million in the year to 31 May 2006, to just under £10 million in the year to the end of May 2012.
Charles MacMillan, partner and head of corporate recovery at Beever and Struthers, said: “Sherwood was one of the first importers of its kind in the region and like many operators in this sector has had problems adapting to the changing face of retail markets."
Mr MacMillan commented that the company had pursued an online strategy to combat falling sales but ran out of money before this became successful.
He added: “Unfortunately, the firm has to cease trading for the time being while we consider recovery options, and only a skeleton staff has been retained. These options include arrangements with creditors or a sale of the business and assets as a going concern.”
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