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Manufacturer of Jacuzzi sanitaryware and B.C Sanitan brands, Silverdale Bathrooms has gone into administration.
The independently- owned manufacturer Silverdale Bathrooms was founded two years ago, when former Jacuzzi UK MD Mark Prince and ex-marketing director Dave Tutton acquired the Ashton-Under-Lyme site.
However, the factory has a history of producing ceramic for almost 30 years and is one of the few casting facilities in the UK.
Silverdale Bathrooms has appointed Matt Ingram and John Whitfield of Duff & Phelps as joint administrators for the business.
Matt Ingram commented “It is our intention to keep the business open with a view to trading as a buyer is sought for the business and its assets. We are currently in discussions with the landlord at the company’s trading premises at Silverdale to establish whether this would be possible.”
The reason for its administration has been cited as overheads which took up capital, as well as sales which didn't live up to expectation.
Ingram stated: “The company was subject to a management buyout in 2011 and sales have failed to increase in-line with the business plan. Consequently, this appears to have resulted in the overhead base of the business consuming working capital to the point that there has been no option but to seek the appointment of administrators.”
He continued: “Following our appointment, it has therefore been unfortunately necessary to make 23 of the 68 employees redundant as we assess the current financial picture of the company.”