The business’s owner, entrepreneur Mike Smith, said in a statement today (April 2): “The worldwide banking crisis has created critical financial challenges for the company. The board has been involved in ongoing and intense discussions with the company’s bank, RBS, to obtain funding to secure the company’s future.
However, despite offering further injection of shareholder investment we have unfortunately been unable to reach agreement with the bank on additional lending facilities.
Sadly, in these circumstances the directors have no option other than to appoint administrators to find a buyer – in the meantime it is business as can normally be expected under these circumstances.”
Spicer Hallfield CEO John Wyatt is working with administrators, MCR, to keep the business running day to day during the search for a potential buyer .
He said: “We are working flat out to find a solution to this problem. We are mindful of the extremely negative impact this is having on both staff and distributors and we are doing everything in our power to find ways to both save jobs and the legacy company that is Spicer Hallfield.”
He added: “It will be the job of the administrators to secure the best outcome it can to ensure the future of the company and I am confident that there a number of viable solutions. Whatever the outcome I am sure there will be an ongoing business to serve our customers and to save as many jobs as possible.”
Spicer Hallfield has been working for months to implement a move of its Bucks factory production lines to the company’s sister site in Bradford.
The firm was planning to maintain Head Office and support staff locally in the Haddenham area, as the Haddenham site lease came to an end this spring.