Wiltshire-based furniture manufacturer Summit 1977 has been bought out of administration, rescuing 53 jobs at the company and securing its future after almost 50 years of trading.
The hand-crafted furniture company, which operated from a 45,000 sqft factory in Trowbridge, appointed Neil Vinnicombe and Huw Powell from Begbies Traynor as joint administrators on 10th July to rescue the company.
Following a marketing process the company’s business and its assets were sold via a pre-packaged administration to the Advanced Furniture group, based in Ebbw Vale. The new company will trade as Summit Workspace Ltd, preserving 53 jobs in the process.
Advanced Furniture, which supplies contract furniture to businesses and local government, has been running since 1979 and has grown to a fill a 100,000 sqft factory in the Ebbw Vale enterprise zone.
Ken MacLennan and the team at Clarke Wilmott acted for the proposed administrators, whilst Jacob Sims, Owen James and team at Berry Smith acted for the purchaser. David Ross and team at Eddisons acted on the valuation and marketing of the business and assets for sale.
Neil Vinnicombe, partner at Begbies Traynor, says: “When we were engaged to assist the company, we had to act quickly in order to get the best outcome for it and its creditors. Summit 1977 not only had a good history, strong asset base and a fantastic product, but also a lot of long-serving loyal and very talented employees. This made it attractive to the right buyer, and we truly believe that the new owners will be able to take the business forward and build on the back of the strong foundations that it had relied on since its inception almost 50 years ago.
“It has been a pleasure dealing with the new owners, who took a sensible and pragmatic approach to the sale in a very short time frame. This allowed a deal which we consider is the best outcome for all parties concerned. This not only gives Advanced Furniture a new and exciting addition to their business, but also continuity for the employees and customers of Summit and preserves a long-established brand.”
Tim Price, MD at Advanced Furniture and Summit Workspace, adds: “We are delighted to have rescued Summit from administration. We are very pleased to have preserved the jobs of people at the company and ensured that a significant manufacturer of high-quality British furniture stays in the area.
“Over the years we have grown at Advanced Furniture through sensible and strategic investment. We hope to take the same approach in order to revive the fortunes of Summit. There is so much promise and skill in in this company and we know that there is great demand for this furniture from UK consumers. Having completed this deal with the support of Begbies Traynor, we are now looking forward to a long and successful future for the Summit as part of our furniture family.”
Hand-crafted furniture company bought out of administration
