Nottingham-based wholesale textile business enters administration
Insolvency practitioners, Richard Easterby and Michael Kiely from business advisory firm Quantuma, were appointed as joint administrators of Nottingham-based wholesale textile business, GS UK Limited, on 5 September 2024.
Based in Nottingham, GS UK Limited was established in 1988 and was acquired by its most recent owners in 2019. GS UK Ltd has provided garment decorating services to the UK textile industry for over 30 years, whilst supplying thread stock and equipment including embroidery machines, printers and laser cutters.
Recently, the company has been lossmaking and was unable to find a buyer nor generate sufficient cashflow to meet future creditor obligations. Therefore, the company entered administration and immediately ceased to trade. GS UK Ltd employed a team of 10 staff – all roles at the business have now been made redundant.
Quantuma director and joint administrator Richard Easterby said: “It is deeply regrettable that GS UK has been forced to cease trading, due to a series of challenging circumstances. This was a sad ending for a long-established company. Our thanks go to all of the employees who worked hard during a difficult time and gave the company every chance to find a buyer. But unfortunately, it simply wasn’t to be.
As joint administrators, our immediate priorities have been to provide appropriate support to those whose jobs have been affected whilst seeking to obtain maximum value for the Company’s creditors.”