Reviewed: 26th February 2016
Persistent cash flow problems have forced the Cumbria-based sweets and chocolate maker Wilson’s into administration for the second time in less than a year.
The company was acquired via a pre-pack administration process in May 2015 but more than a hundred of its employees having lost their jobs over the course of recent months.
Expectations are that all remaining employees of the company, thought to be around 20 people, are soon to lose their jobs too as the sweet maker finally heads out of business.
Based at a manufacturing facility in Holme, near Kendal in the Lake District, Wilson’s has been making sweets and chocolates in Cumbria for over a hundred years having been founded back in 1913.
The firm’s most famous product was its Kendal mint cakes, which became famous around the world for their popularity among explorers and mountaineers, including Edmund Hillary, the first man to climb Mount Everest in 1953.
Unfortunately, Wilson’s has seen a decline in demand for its products in recent years and has been unable to escape its cash flow problems since being rescued through pre-pack administration last year.
Administrators appointed to manage the company’s affairs in recent days have confirmed it was forced into administration as a result of “significant cash flow difficulties”.
The same administrators are now seeking potential buyers for Wilson’s assets as they aim to raise as much money as possible to repay the company’s creditors.
Following its pre-pack administration sale, Wilson’s began operating as Creative Confectionery, which had been designed to help secure the business as a viable operation.
The process of creating Creative Confectionery was supported by an arrangement agreed with Bibby Financial Services in May 2015.
Chris Farnworth from Bibby Financial described Wilson’s as being a “fantastic family-run business with a long history” after its pre-pack administration deal was completed.
“We saw that this business needed help to get it through a difficult transitional period and recognised the raft of customers who relied upon its supply of the very best chocolates,” he said.
However, less than a year later, Creative Confectionery has been unable to stay afloat and has again been forced to call in administrators after succumbing to its latest cash flow crisis. We have an extensive network of 75 offices offering confidential director support across the UK.