Wed, 07 Jan 2015 | BUSINESS NEWS
The administrators of PCS Brands have sold off plant and machinery used to make George Wilkinson products to Lancashire-based plastic group What More UK, after plans to sell on the Burnley-based firm as a going concern fell apart.
Andrew Holt, the owner of What More UK, which sells products under the Wham name, purchased the plant, machinery and associated tooling for £500,000 plus VAT.
PCS, which was then known as Oneida International, had bought bakeware and cooking utensil makers George Wilkinson and Samuel Groves - which together made up Metalrax Housewares - from Cable Capital Partners in August 2013. The latter had initially bought the firms earlier in 2013 after the collapse of their parent firm, Metalrax.
PCS Brands was forced to call in KPMG as administrators in October following 'significant trading difficulties'. A suitable offer for the wider business was not found, so the individual brands owned by PCS were sold off separately.
Before its administration, PCS had been bought by a subsidiary of restructuring firm Hilco London, who planned to return the business to profitability. However, more investment was required in order to do this than had been originally planned, so administration beckoned for PCS.
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Related information:
More information on PCS Brands in administration
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