Schoolwear supplier in administration
A Norfolk school uniform supplier has gone into administration.National Schoolwear Centres has its headquarters just outside Norwich in Ketteringham Hall and has 60 UK stores.
A Norfolk school uniform supplier has gone into administration.
National Schoolwear Centres has its headquarters just outside Norwich in Ketteringham Hall and has 60 UK stores.
The company, which once boasted a turnover of more than £20m a year, has recently been unable to meet financial obligations and is being managed by administrators.
Five members of staff from a team of about 20 have already been made redundant. One of the 60 franchised stores across the country, is in Ber Street. Norwich.
It is hoped a buyer will be found for the business but if not it will be closed in the coming months.
David Hudson of Begbies Traynor, based in London, confirmed the company was in “administrative receivership” but said it was unlikely the separate franchised stores would be affected.
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He said: “The company is insolvent and the bank has approved it going into receivership. It was not making sufficient funds to continue and unable to meet requirements from banks and creditors. We have no exact financial details at this stage because we have only just taken over and are looking into what happened.
“The other centres across the UK should not be affected because they are separate profit-making centres.
“We will be asking for companies to come forward to buy as a going concern and we hope the assets can be bought.
“But as far as we are concerned it is just the HQ that is affected.”