The West Midlands-based garden product supplier has entered administration putting 250 jobs at risk. After suffering from difficult trading conditions, Solus tried to find appropriate additional investment to fund a turnaround in late 2013, however no suitable offers came forward.
Joint administrators, Rob Hunt and Tony Barrell of PwC, were appointed yesterday (15th May) to help secure a sale of the business as a going concern. The company plans to continue trading, with administrators confirming employees will be paid for previous and current work.
Barrell commented, “We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business.”
With main sites in Worcestershire, Droitwich, West Bromwich and Tipton, the company provides gardening products and leisure goods from well-known brands such as ChapelWood, Yeoman, Garden Nation, Botanico and Bermuda.
UPDATE 15th July 2014: The Scotts Company (UK), creator of Miracle-Gro, has bought a number of brands from Solus, including Yeoman and Botanico. The acquisition sees a new division at Scotts called ‘Scotts Solus Brands’.
Barrell said, “I am pleased to announce the completion of the sale to Scotts, which secures the future of the Solus brands and business. I would like to thank the employees, key customers and suppliers for all their support over the last eight weeks. We will now be communicating with the suppliers of the third-party branded products, which were not sold as part of the deal”.
We are not involved in the administration and questions should be directed to PwC who are handling the administration.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.