'Business as usual' - Pinetum bosses to complete swift pre-pack administration deal

19th October 2009 | manufacturing | The management of UK oak and pine furniture manufacturer Pinetum have regained control of the company in a pre-packaged administration deal.

Pinetum Manufacturing Limited, the trading company of the Warminster manufacturer, went into administration on 1st October, with the Chandlers Ford office of Tenon Recovery appointed as administrators.

A company spokesman confirmed that directors Dean and Richard Robbins have used Pinetum Limited, a previously non-trading company, to buy back the firm in a management buyout.

Pinetum Limited was incorporated in February 2004, with Dean Robbins as its sole director. In June this year Richard Robbins also became a director of the company.

In the year to the end of August 2007, its latest filed accounts, Pinetum Manufacturing made a pre-tax profit of £312,398 from an £11.46m turnover.

The company had been profitable in each of the prior four years apart from 2005, when it made a £527,215 pre-tax loss. Back in 2003, the company made a pre-tax profit of £434,077 from a £7.32m turnover.

The spokesman added that 'nothing else had changed and that it was business as usual.'