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Queen's curtain maker in receivership
Adriana Zea,
Accountancy Age 08 Aug 2003Sanderson, the Queen's curtain maker, has slipt into administrative receivership after it ran out of money halfway through its restructuring programme.
Link: Government urged to tax Royals fully The company, which was established in 1890 and specialises in old-fashioned curtains, fabric and wallpaper, was undergoing a restructuring programme, following a management buyout, backed by a Dutch private equity firm.
Deloitte & Touche partner Neville Kahn said the company had been hit by poor trading in the second quarter and this, despite the restructuring, had 'exhausted the company's debt facilities.'
He said: 'It's not a huge business, it turned over £23m last year but the purchaser will be able to acquire it debt-free and the price [we are looking for will reflect that].
Khan expects to continue trading the company whilst finding a buyer and reassured existing customers their orders would be filled. He told the Financial Times Sanderson had already generated a lot of interest and had suitors both in the UK and overseas.
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