THOMAS SPORTS GROUP IN ADMINISTRATION January 28 2011.
Leading financial and management services company Ernst and Young today confirmed that it had been appointed as administrator for the Thomas Sports Group which includes Frank Thomas, Motrax , BKS and Red Route.
PRESS STATEMENT READS:
Thomas Sports Limited
Frank Thomas Holdings Limited
Frank Thomas Limited
BKS Limited
Motrax Motorcycle Accessories Limited
Lintek Limited
(all in Administration)
(together "the Thomas Sports Group" or "the Group")
28 January 2011: Tom Lukic and Ian Best of Ernst & Young LLP were today appointed Joint Administrators of the Thomas Sports Group, a distributor of branded motorcycle clothing and accessories.
The Group, which supplies to both UK and European markets, has circa 70 employees and operates from freehold premises in Finedon, Northamptonshire.
Tom Lukic, Joint Administrator, said, "The difficult trading conditions experienced during 2010 combined with a number of issues which impacted on the Group over the same period created liquidity problems in the business. Despite actions taken to restructure the business and reduce the cost base, the Group was unable to continue to trade in a manner that enabled it to continue to meet its liabilities as they fell due. The directors as a result requested the appointment of Joint Administrators to the Group."
He added, "We are currently working with the Group's directors and management team to understand the current position in more detail and explore all options. Following the appointment of Joint Administrators to the Group, our initial strategy has been to seek a buyer for the business and assets of the Group as a going concern and we are already in dialogue with a number of potentially interested parties in this regard."
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