Sinclair sold to Westland Horticulture

William Sinclair Horticulture has been sold out of administration to Westland Horticulture.

Westland has bought the whole Sinclair business and its factories and sites, which employ 270 staff.

KPMG Restructuring's Will Wright and Mark Orton were apppointed joint administrators on 31 July. Immediately following their appointment, Westland bought the business and assets

Wright said: "The cost of relocating the company's principal operations to Ellesmere Port and the dual running costs incurred during the move unfortunately combined to impcat the company's bottom line. The board have been working hard over the summer to try and find a rescue solution but unfortunately there were no alternatives other than our appointment."

Westland managing director Edward Conroy said: "We have always believed that Sinclair’s is an important part of our industry’s landscape, and we are fully committed to maintaining this for the long term.

"Sinclair’s is fundamentally a good business and our focus is to work together with all customers in the professional and consumer sectors to make the transition simple and clear to all involved. It is imperative that over the coming days we keep our lines of communication open with customers and stakeholders.

"Westland is focused on delivering a strong future for Sinclair’s business, infrastructure and brands, which can only thrive from being part of the Westland family.

"For now it’s very much business as usual for all concerned."

Share prices have fallen recently after Sinclair reported losses and cash shortfalls.

Sinclair suspended shares from AIM this week.

Sinclair said: "Following yesterday's announcement regarding the suspension of the trading in the Company's shares, the Board is now providing a further update.

"On 26th May the Company announced that it would face a funding shortfall during the summer and on 30th June the Company announced that "significant progress towards a funding solution is needed in the next few weeks and there can be no certainty as to the outcome of any of these discussions".

"The Board has exhausted a thorough process including an attempted share placing, transactions with trade and financial parties and disposals of individual assets but has been unsuccessful in obtaining the required additional funding.

"Therefore the Board has no alternative but to place the Company into Administration and accordingly has appointed Will Wright and Mark Orton of KPMG Restructuring as Joint Administrators.

"We understand that the Joint Administrators have sold the business and assets of Sinclair Horticulture today to Westland Horticulture."

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