Tue, 23 Oct 2012 | BUSINESS SALE
A North East business is on the market after instructing its advisers Grant Thornton to look for a buyer.
Fishing tackle manufacturer Hardy and Greys is based in Alnwick near Newcastle-upon-Tyne and can trace its history back around 140 years. Unfortunately, its current owners are struggling to keep the company going and have decided to put the business up for sale in the hope that a new owner will be able to take it forward.
The Harris & Sheldon Group have owned the business for the last 45 years but things have started to go sour recently and the business recorded a loss of £446,000 in 2010 on a turnover of £12.84 million.
It made 20 of its 100 staff redundant in light of these losses but forecast that the firm would keep heading into the red over the course of 2012.
A spokesman for the firm explained that a buyer with more money for expansion and investment is needed to move things forward and return the business to growth.
He remarked to NE Business: “After redundancies were made earlier this year, the business has since turned itself around and managed to win greater market share. The future of the company’s looking extremely positive.
“However, the group needed to make big investments in the export market, namely Germany and America where trading is strongest, but it is not willing to make the necessary investments to take it to the next stage.”
He confirmed that until the Hardy and Greys is sold, it will be “business as usual at Alnwick and there will be no impact on jobs”.
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