It’s Good Friday, the start of the Easter weekend.
29.03.2023 - 07:05 / manchestereveningnews.co.uk
A Greater Manchester children's arts and crafts maker owed almost £4m when it collapsed into administration and 30 people were made redundant, it has been revealed.
Brian Clegg, which was founded in 1973, operated from one unit in Rochdale and another in Middleton and supplied both retail and educational markets across England and Wales.
The company entered administration at the start of February, with the majority of its 36-strong headcount made redundant.
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In a newly-filed document with Companies House, administrator FRP has detailed how much the business owed before it entered administration, the reasons behind its collapse and its subsequent purchase by a competitior.
In February, the specialist business advisory firm said Brian Clegg had been "loss making for some time and suffered from sustained cashflow pressure from rising input prices".
FRP said an "accelerated merger and acquisition process" had been conducted but, without a viable offer, the business was placed into administration.
Teaser documents had been issued to over 340 potentially interested parties which resulted in 24 signed non-disclosure agreements. A total of four formal offers were received to acquire the business and/or assets of the company.
FRP said that three of the offers were for the business as a going concern on a pre-packaged basis. But the firm added that one was "materially below asset value and therefore did not represent a good outcome for creditors" and two had "onerous conditions attached, rendering them undeliverable".
The remaining offer was submitted by the purchaser, a competitor of the company, and was for an initial £375,000 plus VAT. The offer was
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