Richardson Sheffield, one of the industry’s best-known and longest-established knife manufacturers, has gone into administration.
The company called in administrators Ernst & Young on Friday – just months after securing almost £½m of loans to relocate and expand the business.
Managing director Patrick Thornhill declined to comment to HousewaresLive.net yesterday, and he has now left the company. However, a spokesperson for Richardson Sheffield said that letters would be sent to all customers soon and that the company was continuing to trade under the control of the administrators.
She also said that there had been some redundancies amongst the 70 employees but would give no further information about the company’s situation.
Richardson Sheffield, which was founded in 1839, completed a management buy-in in 2005. Then in spring this year the company moved to new premises in Sheffield, having received a £400,000 capital and development loan from South Yorkshire Investment Fund, plus a £50,000 small business fund loan to help with expansion.
David French, president of The British Home Enhancement Trade Association, told HousewaresLive.net: “I’m very, very sad to hear that we clearly have another member in difficulties. I don’t know what the specific reasons are but it demonstrates the sort of pressure that the whole sector is operating under.”