UK bed company on brink of administration – dates back to 1870 | UK | News
A long-standing UK bed and furniture maker is facing potential collapse after years of “financial difficulties”. The business, which produces beds, bed frames and upholstered furniture under various brands including Airsprung and Gainsborough, has been a notable name in British manufacturing for generations. A.
Airsprung products are generally sold through major retailers such as Argos, Very, Dunelm and Amazon, as well as their own Airsprung Factory Stores. Airsprung Group plc, headquartered in Trowbridge, Wiltshire, has roots dating back over 150 years, and its subsidiary Airsprung Furniture Ltd. filed a Notice of Intent (NOI) to appoint an administrator along with.
Filing an NOI means that a company plans to hire executives if it cannot resolve its financial difficulties. It is stated that the company has not yet entered administration. Wiltshire Times.
The internal announcement reads: “As you know, the company has been facing financial difficulties due to a significant pension scheme deficit as well as difficult trading conditions for a long period of time. Recently the company has been exploring all its options.”
“However, the business faces a short-term liquidity issue and therefore the Directors have issued a notice of intent to appoint administrators for Airsprung Group plc and Airsprung Furniture Limited.
“Directors are working with key stakeholders on options to protect the Company.
“While these options are being developed, filing the NOI gives the executives and the company some breathing room to view these options.”
Directors of Airsprung Group plc and Airsprung Furniture Limited told the Wiltshire Times: “There have been significant pressures across the industry, all of which have affected Airsprung’s trading performance and affected the company’s cash flow position.
“Executives are working with key stakeholders on options to protect the company. While those options are being developed, filing an NOI gives the executives and the business some breathing room to view those options.”
“We will not be able to provide live updates on this process.” It was also confirmed in the newspaper that the staff would be paid on April 24 and April 28.
The history of the company dates back to 1871. Founded in Trowbridge by Henry Hedley Reeves Chapman. The business began trading under the name Airsprung in the mid-20th century and was formally incorporated as Airsprung Limited in 1965.
By 1987 the company was the UK’s second largest mattress manufacturer.
