Osborne Stationers goes into administration
Despite positive news about the UK economy recently we are still finding well established companies struggling in the current climate and going into administration. It’s always sad to see companies forced into administration but it seems even sadder when one of those companies has been established for more than 180 years and is a stalwart business in the city they emerged from. Such is the sad fate of Birmingham-based Osborne Stationers who went into administration last week.
Birmingham Looses one of its Oldest Retailers
Osborne Stationers is one of Birmingham’s oldest retailers, being founded in 1832 by Edward Corn Osborne as a printing business. Over the years Osborne Stationers has built a loyal customer base and a lot of good will in the city but unfortunately this has not been enough to stave off the administrators. Poor trading conditions since the recession started in 2008 has finally come to a head and with cash flow problems being a major issue for the company, the administrators have been called in to assist with the restructuring of the business and marketing it for sale.
Jobs at Risk, West Midlands
This move puts 140 jobs at risk across Birmingham and its other stores in Warwickshire, Nottinghamshire, Leicestershire, Bristol, Worcester, Tewkesbury and Daventry. The plan is for the administrators to keep the business running as a going concern until a suitable buyer is found. Whilst a sale of the business is actively sought, the administrators are likely to continue to work with Osborne’s customers and suppliers ensuring that goodwill is maintained in order to maximise realisations.
As an Insolvency Practitioner with a lot of experience in Birmingham, Bridge Newland has a great deal of empathy with Osborne’s situation and wish them the very best for a positive outcome. As an administration company our chief focus is on business recovery where we do all that we can to safeguard the future of businesses that fall into administration and always aim to try to save as many jobs as possible. For Insolvency Practitioners in Birmingham, speak to Bridge Newland to see what we can offer 0800 612 6197.