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Home furnishings importer and distributor Global Textiles (UK) has been sold as a going concern after being placed into administration last month.

 

The Bolton business, which booked a net loss of £238,880 on sales of £10.7 million in 2016–17, has been sold to Textile Imports, a newco with whom it shares directors and owners in common. The deal completed August 1.


Restructuring partners Kerry Bailey and Matthew Tait of BDO had been appointed joint administrators of Global Textiles (UK) a week earlier, on July 23, 2018.


The deal saves the jobs of all 38 of the company's employees, BDO told The Furnishing Report after being contacted last week.


Kerry Bailey said: "Global Textiles (UK) was exposed to difficulties as a result of the challenging economic climate and difficult trading conditions."


Established in 1953, Global Textiles (UK) — also known as Global Group — designs, manufactures, imports and distributes an extensive and diverse range of branded furnishings, selling to both store-based and online businesses. Products span curtains, cushions and bedding through to kitchen and dining textiles.


Ms Bailey added: "Principally, I am delighted that 38 jobs have been saved with the transfer of staff to the purchaser. Our focus now is to seek to maximise recoveries for creditors of Global Textiles."