Wed, 25 Jul 2018 | ADMINISTRATION
Based in Redditch in the West Midlands, SP Group Limited is a leading producer of point of sale and display solutions for retailers and top brands. Allan Graham and Matt Ingram of global adviser, Duff & Phelps have been appointed as administrators of the business as of 24 July 2018.
Duff & Phelps cover valuation, corporate finance, investigations, disputes, cyber security, compliance and regulatory matters.
SP Group was recently sold by St Ives to SelmerBridge alongside Flintshire-based field marketing agencies Tactical Solutions UK and Flare, and large format graphics business, Service Graphics. These companies remain unaffected by the administration.
Allan Graham stated: “SP Group has suffered from a significant decline in turnover following the loss of key customer contracts last autumn and a further decline in customer-support since the business was acquired this spring. This has created a challenging financial situation for SP Group and has adversely impacted the cashflow and performance of the business in what is already a highly competitive market. This, combined with the increasing uncertainty impacting both the retail and hospitality sectors, is a contributing factor in why SP Group has gone into administration.
“We are now actively engaging with customers to understand their individual requirements. We are working with management to explore the options available to preserve as much of the business as possible, however there may be substantial job losses as a result of this process.”
A business with over 60 years experience in digital signage, temporary, semi permanent and permanent point of sale, retail windows, store ‘look and feel’ and Managed Production Services, the operations of SP Group Limited are largely situated in the retail and hospitality industries.
For more news stories about administrations click here. For all our administrations listings, click here.
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