Administrators appointed to Silk Industries Limited

James Lumb and Chris Pole from KPMG’s Restructuring practice were appointed Joint Administrators to Silk Industries Limited on 9 November 2020.

Based in Sudbury, Suffolk, and trading as Vanners, the company designs, develops and manufactures silk fabrics and products for the luxury menswear, fashion and furnishing markets.

The company employs approximately 64 members of staff. Regrettably, following the appointment of the administrators, 32 employees were made redundant. The administrators have retained 32 members of staff to assist them as they continue to fulfil orders while they seek a buyer for the business and its assets.

James Lumb, Joint Administrator and Director at KPMG, said: “Vanners had been experiencing difficult trading conditions for some time, which was exacerbated by the severe impact of COVID-19 on the fashion sector. After an exploration of additional investment options proved unsuccessful, the directors took the difficult decision to place the company into administration.

“We intend to fulfil outstanding orders while we seek a buyer for the business, and would encourage any parties who may be interested to contact us as soon as possible.

“We will also be providing support to those members of staff who have been made redundant, assisting them in making claims to the Redundancy Payments Office.”

Interested parties are invited to contact Azaad Marso at KPMG on 07920 700061

More:  Azzurri Group acquired by TowerBrook Capital Partners

-ends-

For media queries only, please contact:

Katy Broomhead, Senior PR Manager

Tel: 0161 246 4623 / 07824 537963

Email: katy.broomhead@kpmg.co.uk

KPMG Press Office: 020 7694 8773

home.kpmg/uk/restructuring

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff.  The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019.

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.


More from: | Category: Accountancy Company News