EY update on Pittards

Ernst & Young, administrators to Pittards released a statement to The Leveller this evening.

Unfortunately it is not good news for the company or it’s employees. They confirm the facts as reported earlier today on LevellerLive.

They add: “Extensive discussions were held with an interested party to achieve a sale of the Company’s business and assets but, unfortunately, the prospective buyer was unable to conclude an agreement with its debt funder to allow a sale to proceed.”

That leaves a sale of the business as a going concern looking increasingly unlikely.

The administrators told us: “As no other party has expressed an interest in acquiring the business, the Company has now ceased to trade with immediate effect and sadly, the majority of the Company’s UK employees have been made redundant.”

For now the best they can say about the future is this: “The Joint Administrators will assess options over the coming days to realise value for the company’s creditors and wind down the Company’s business. Employees that are affected by redundancy are being offered appropriate advice and support in making claims for redundancy and notice pay and will receive information from Jobcentre Plus for help with finding employment, claiming benefits and improving skills.”

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