Lincoln-based and AIM-listed manufacturer, William Sinclair Holdings, has been bought by Westland Horticulture in a pre-pack administration deal, saving 285 jobs.
Upon the appointment of joint administrators Will Wright and Mark Orton from KPMG, the business and its assets were transferred to Westland, backed by Danske Bank.
A supplier to retailers and garden centres throughout the UK, the company’s latest accounts showed a pre-tax loss of £8.9 million. Reports indicate its new site in Ellesmore, Cheshire struggled with production operations, leading to the loss of £2.3 million.
Joint administrator, Will Wright commented, “The cost of relocating the company's principal operations to Ellesmere Port, and the dual-running costs incurred during this move, unfortunately combined to impact the company's bottom line.
“The board have been working hard over the summer to try and find a rescue solution but unfortunately there were ultimately no alternatives other than our appointment.”
Edward Conroy, joint managing director of Westland’s added, "We have always believed that Sinclair's is an important part of our industry's landscape, and we are fully committed to maintaining this for the long term.”
“Sinclair's is fundamentally a good business with strong consumer brands which can now only thrive from being part of the Westland family.”