Tue, 15 Jul 2025 | BUSINESS SALE
The business and assets of a Wiltshire-based furniture manufacturer have been acquired out of administration in a pre-pack administration. Summit 1977, a hand-crafted furniture company that had been trading for nearly 50 years, operated from a 45,000 sq ft facility in Trowbridge.
The company fell into administration earlier this month, with Neil Vinnicombe and Huw Powell of Begbies Traynor appointed as joint administrators on July 10. Following a marketing process, the company’s business and assets were subsequently sold to Ebbw Vale-based Advanced Furniture group in a pre-packaged administration.
In accounts for the year to December 31 2023, Summit 1997 Limited’s fixed assets were valued at around £150,000 and current assets at approximately £1.7 million. However, net liabilities totalled nearly £130,000.
Following the deal, which secured 53 jobs, the new company will trade as Summit Workspace Limited.
Advanced Furniture Limited, which has been trading since 1979, supplies contract furniture to businesses and local government and trades from a 100,000 sq ft factory in the Ebbw Vale enterprise zone.
Begbies Traynor partner Neil Vinnicombe said that the joint administrators had to act quickly to secure the best outcome for the business and its creditors. He added that Summit 1977 had “a good history, strong asset base and a fantastic product”, as well as a long-serving, talented workforce, making it “attractive to the right buyer”.
Vinnicombe said that Advanced Furniture group’s “sensible and pragmatic approach” to the transaction “allowed a deal which we consider is the best outcome for all parties concerned.”
Advanced Furniture Limited and Summit Workspace Limited Managing Director Tim Price commented: "Over the years we have grown at Advanced Furniture through sensible and strategic investment. We hope to take the same approach in order to revive the fortunes of Summit. There is so much promise and skill in this company and we know that there is great demand for this furniture from UK consumers.”
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