Merch CMT Ltd
Parker Andrews Limited are delighted to have advised on the successful restructuring of Merch CMT Ltd (“Merch”).
Background
Merch was incorporated in January 2017 and traded as a manufacturer of apparel based in Norwich.
Situation
After several years of successful trade, the COVID-19 pandemic caused several manufacturing issues (including staff availability, social distancing, cost & availability of raw materials. Despite the director’s best efforts to trade through these difficult times, he was contacted by a court advocate in December 2022 to advise that a winding-up petition was incoming. It therefore became apparent the Company was insolvent and the director subsequently sought advice from Parker Andrews Limited on the options available.
Solution
Given that it was considered that the business could still be viable, the decision was made to market the business with a view to completing a pre-packaged sale on the date of Administration. After a period of marketing and negotiations entered into with several interested parties, a sale of the business was completed to Merch (NWI) Ltd. This sale also resulted in 25 members of staff retaining their employment.
Parker Andrews Limited extends its best wishes to Merch (NWI) Ltd and staff in its future ventures.
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