KPMG has been appointed the administrators of fabric weaving company Silk Industries Limited, in Sudbury, Suffolk, after the company experienced a period of “trading difficulties”.
James Lumb and Chris Pole from KPMG’s Restructuring practice were appointed joint administrators to Silk Industries Limited on 9 November 2020. The business which is trading as Vanners, designs, develops, and manufactures silk fabrics and products for the luxury menswear, fashion, and furnishing markets.
Before entering into administration the company employed approximately 64 members of staff. KPMG has since stated that as part of the administration “32 employees were made redundant.”
However, the firm said it was able to retain 32 members of staff to assist them as they “continue to fulfil orders while they seek a buyer for the business and its assets.”
James Lumb, joint administrator, and director at KPMG, said: “Vanners had been experiencing difficult trading conditions for some time, which was exacerbated by the severe impact of Covid-19 on the fashion sector.
“After an exploration of additional investment options proved unsuccessful, the directors took the difficult decision to place the company into administration.”
He added: “We intend to fulfil outstanding orders while we seek a buyer for the business, and would encourage any parties who may be interested to contact us as soon as possible.
“We will also be providing support to those members of staff who have been made redundant, assisting them in making claims to the Redundancy Payments Office.”