Up-market coffee machine specialist Gaggia UK is “teetering on the brink of administration”, according to The Times.
The newspaper says it believes that accountant RSM Bentley Jennison is on standby to act as administrator, although the firm would not confirm or deny this to HousewaresLive.net this morning.
However, Gaggia UK is not taking phone calls. Instead, a recorded message gives details relating to Philips’ recent takeover of Saeco and redirects callers to the company’s website for any other information.
Gaggia UK is independent of Saeco, which owns the Gaggia brand, and which has just been acquired by Philips. The main shareholder in Gaggia UK is a US company called Any SAP. Other shareholders include managing director Raj Beadle.
The UK company made a £520,000 loss in the year to March 2007, the last year for which accounts were filed. Those which should have been filed for the year to March 2008 are now more than six months late.