Exeter based manufacturer of specialist packaging and retail displays Jourdans has been placed in administration by its directors. Joint administrators Jerry O’Sullivan and Sam Talby, at accountancy firm Bishop Fleming, have launched an urgent search for a purchaser while continuing to trade the company in the short term.
Established in 1894, Jourdans is a leading manufacturer of specialist packaging for such markets as music, multimedia, publishing, cosmetics, toiletries, wines, and giftware. It has a turnover of about £4M.
The joint administrators have had to curtail the employment of the majority of the 77 employees while they seek a potential buyer.
Joint administrator Jerry O’Sullivan said: “Having been operating as a family-owned business for more than a century, Jourdans has undergone recent reorganisations in response to difficult trading conditions. The company was hit by a number of unexpected bad debts last year, which seriously affected cashflow. As a result, despite a relatively healthy order book, the company has exhausted its cash reserves, and the directors have been unable to arrange alternative funding. They have also been unable to secure a buyer or investor.
“If a buyer can be found quickly enough, there is potential for future employment opportunities in the acquired business”, he concluded.
Jourdans’ managing director John Jourdan added: “This is an incredibly sad day for Jourdans and all its employees, all of whom have been extremely loyal for many years, and throughout this difficult period. Fortunately, our point-of-sale business, based in Crediton, is separate and continues to thrive. We are still actively seeking a partner whilst in administration and are working hard with the administrators to try and find a buyer for the business.”
Contact
Jerry O’Sullivan, Bishop Fleming
Tel: +44 (0) 1392 448 800
