Begbies Traynor strikes deal to rescue Summit 1977 from collapse

Begbies Traynor has saved exactly 53 jobs at Wiltshire furniture manufacturer Summit 1977 after it was bought out of administration by Advanced Furniture. 

News of the deal comes after Neil Vinnicombe and Huw Powell from Begbies Traynor were appointed joint administrators on 10 July to rescue the company. 

The hand-crafted furniture company, which operated from a 45,000 sq ft factory in Trowbridge for almost 50 years, had faced financial difficulties in the run-up to its collapse. 

Following a marketing process, the business and assets were sold in a pre-pack administration deal to Ebbw Vale-based Advanced Furniture, which will continue to trade the business under the name Summit Workspace Limited with all roles intact.

Advanced Furniture supplies contract furniture to businesses and local authorities, and was founded in 1979. It operates from a 100,000 sq ft factory in the Ebbw Vale enterprise zone.

Vinnicombe said: “When we were engaged to assist the company, we had to act quickly in order to get the best outcome for it and its creditors. Summit 1977 not only had a good history, strong asset base and a fantastic product, but also a lot of long-serving loyal and very talented employees. We truly believe that the new owners will be able to take the business forward and build on the back of the strong foundations that it had relied on since its inception almost 50 years ago.

“It has been a pleasure dealing with the new owners, who took a sensible and pragmatic approach to the sale in a very short time frame. This allowed a deal which we consider is the best outcome for all parties concerned. This not only gives Advanced Furniture a new and exciting addition to their business, but also continuity for the employees and customers of Summit and preserves a long-established brand.”

Tim Price, managing director at Advanced Furniture and Summit Workspace, added: “We are delighted to have rescued Summit from administration. We are very pleased to have preserved the jobs of people at the company and ensured that a significant manufacturer of high-quality British furniture stays in the area.

“Over the years we have grown at Advanced Furniture through sensible and strategic investment. We hope to take the same approach in order to revive the fortunes of Summit. There is so much promise and skill in this company and we know that there is great demand for this furniture from UK consumers. We are now looking forward to a long and successful future for the Summit as part of our furniture family.”