20 jobs axed as Rochdale importer and wholesaler falls into administration

Rochdale’s Sherwood Agencies, founded in 1974, has called in the administrators after a downturn in trade and as retail clients have sourced their own products directly.

Sherwood is an importer and wholesaler of goods ranging from electrical products and garden furniture to inflatable costmes and children’s toys.

Accountants and business advisers Beever and Struthers has been appointed administrators of the company, which has ceased trading, leading to the loss of around 20 jobs.

Sherwood has sales of around £38 million in in the year to May 31 2006 but they have steadily declined, dropping to £25.7 million in 2009, £15.3m in 2009 and £12.2 million in 2010.

In 2011, they fell to £11.3 million, while in the financial year to the end of May 2012, it posted a pre-tax loss of £685,184 on revenues of just under £10 million.

According to Manchester Evening News, Charles MacMillan, partner and head of corporate recovery at Beever and Struthers said: “Sherwood was one of the first importers of its kind in the region and like many operators in this sector has had problems adapting to the changing face of retail markets.

“Against a backdrop of falling turnover this once great company has invested heavily in developing its internet presence but has simply run out of money. It is a shame because they were almost there.

“Unfortunately, the firm has to cease trading for the time being while we consider recovery options, and only a skeleton staff has been retained. These options include arrangements with creditors or a sale of the business and assets as a going concern. I am actively pursuing both these strategies.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →